EZULWINI — June 23, 2025
The Central Bank of Eswatini (CBE) is forging ahead with its relocation from Mbabane to Ezulwini, a move aimed at transforming the area into the Kingdom’s future financial district.
Governor Dr. Phil Mnisi briefed the media at the CBE Complex in Ezulwini on Monday morning, outlining key developments including progress on the construction of a landmark 21-storey smart office complex and a recent countrywide tour to assess national capital projects.
The Bank’s Executive Committee, led by the Governor, recently completed a three-day visit to several key economic drivers across Eswatini. The tour was designed to deepen understanding of private sector challenges, assess development milestones, and strengthen alignment between the Bank’s monetary policies and the real economy.
Projects visited included:
- Kellogg Tolaram (Matsapha): A breakfast noodle production plant supplying the Southern African market.
- Ubombo Sugar Limited (Big Bend): Producing 300,000 tons of sugar annually with a 25MW biopower facility feeding electricity to the national grid.
- LUSIP II (Lubombo): A multi-dam irrigation scheme managed by ESWADE, currently in Phase II, supporting smallholder farmers.
- EEC Lavumisa Solar Plant: A 10MW solar PV facility increasing local energy production.
- Mpakeni Dam (Shiselweni): Phase 1 of the Mkhondvo-Ngwavuma Water Augmentation Project under construction.
- Road Infrastructure Projects: Upgrades to the MR14 and MR21 roads, linking Sithobela, Maloma, Nsoko, and Siphambanweni.
- Maloma Colliery and Magomba Coal Mine: Anthracite producers contributing to regional energy demands.
- Gamula and Ndzevane Factory Shells: Smartware’s new garment facility expected to create 1,000 jobs.
- Eswatini Anthracite Coal (Mhlume): A new entrant planning to improve export margins through coal washing.
Dr. Mnisi told journalists the Central Bank’s role in ensuring price and financial stability requires proximity to real economic activity.
Regarding infrastructure, the Governor confirmed staff will begin relocating to the Ezulwini site by the end of the year. The new complex, set to begin construction in September 2025, includes an 18-floor green-certified tower with integrated facilities such as a museum, innovation hub, clinic, sports centre, and accommodation.
The high-rise will be built under an Engineering, Procurement and Construction (EPC) model. Final contractor selection is expected in August 2025, with handover scheduled for June 2028.
To date, over E160 million has been spent on pre-construction activities and site renovations. The Bank has engaged more than 30 local contractors and consultants across disciplines ranging from architecture and engineering to landscaping and solar lighting.
Local firms like Simizu Construction, Expressions Architects, ITML/Koleko JV, Eco Architects, Rubicon, and Geo Solutions were among those tapped to deliver on various components of the development.
Renovation of the former Ezulwini Sun Hotel site, which the Bank acquired in 2023, is already underway, including upgrades to conference halls, governor’s offices, internal roads, and hospitality facilities.
Dr. Mnisi described the transformation of Ezulwini into a financial capital as a generational vision that goes beyond the Bank’s current leadership.
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