Ezulwini – The Central Bank of Eswatini (CBE) has awarded E2.96 billion tender for the construction of its new complex to the Ingcebo Joint Venture (JV).
CBE said the winning bid was selected after a competitive and transparent procurement process, with Ingcebo JV achieving the highest combined technical and financial score of 94.99%.
The contract, valued at E2.96 billion inclusive of Value Added Tax (VAT) and the Construction Industry Council (CIC) levy, covers the construction of the bank’s new headquarters in Ezulwini.
CBE Governor Dr. Phil Mnisi confirmed the award, noting that the project is expected to significantly contribute to the development of Ezulwini and the Kingdom of Eswatini. The project duration is set for 34 months on a turnkey basis.
The awarding follows the evaluation of submissions from three bidders who met the bank’s requirements. The other bidders’ results were CBE Complex Consortium: combined score of 83.22% with a submitted project amount of E3 339 196 294 (inclusive of VAT and CIC levy).
Eswatini Consortium: Combined score of 81.33% with a submitted project amount of E3 352 431 700 (inclusive of VAT and CIC levy).
The bank issued a notice of intention to award, which allowed for a 10-day period for bidders to seek a briefing or raise any procurement-related objections before the contract was formally issued. Dr. Mnisi stated that the bank has now begun contract negotiations with the Ingcebo JV, which includes a requirement for a minimum 30% local participation.
The governor revealed that the bidding process began with an Expression of Interest (EOI) published in December last year, which saw strong international interest with eight local and foreign companies participating.
In the second stage, eight responsive submissions were received, leading to the shortlisting of five joint ventures (JVs). Dr. Mnisi said the final bids were submitted on August 2, with three eventually being evaluated and considered by the bank.
An independent consultant, ABAKO International Partners, headquartered in Addis Ababa, was tasked with handling the adjudication process to ensure it was conducted fairly and transparently. The consultants provided their final report to the bank’s executive committee. The CBE Board of Directors subsequently approved the recommendations, leading to the current public announcement.
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