CBE’s Relocation to Ezulwini

The Bank previously published by notice that it has relocated to its new premises at Ezulwini. The relocation of the Central Bank of Eswatini (CBE) to our new Ezulwini Complex marks more than a change of address ‑ it reaffirms our mandate to preserve monetary stability, foster financial inclusion, and support sustainable growth for every citizen. We have invested over E170 million in adapting the old buildings on the site to be suitable for office use. Following the completion of our new conference facility, we have taken one block of the facility and prepared open‑plan office space to accommodate our Staff.

I am happy to update the public that we are in the final stages of relocation, with the last group of staff and operations scheduled to move to Ezulwini this Friday, 10 October 2025. After that, only a limited number of operations will remain in Mbabane, with a full realignment expected by December 2025. This phased approach ensures operational efficiencies, business continuity, minimal disruption, and the preservation of essential services. Our teams have worked with the utmost professionalism to ensure the relocation is orderly, secure, and fully compliant with applicable standards and regulatory requirements.

CBE Headquarters Project

Following the official cutting of the sod by His Majesty, King Mswati III, on 10 May 2024, for the construction of the Bank’s new Head Office at Ezulwini, the Bank has seen strong interest shown by both local and foreign companies within the construction industry to participate in the first phase of this massive development.

The procurement process of the first phase commenced with an Expression of Interest published in December 2024, inviting competent entities to form consortia or joint ventures and register their interest to participate in the tender process. During the Expression of Interest (EOI) stage, a total of eight (8) responsive submissions were received and thoroughly evaluated by an internal team, with the final report being approved on 7 March 2025. The top five highest‑scoring submissions were shortlisted to progress to the Request for Proposal (RFP) stage. The bank issued the detailed request for proposals (RFP) to all five shortlisted JVs on 7 April 2025. The bidders we given up to 2 August 2025 to submit their detailed technical and financial proposals. On the opening of the bid submissions on 2 August 2025, only three submissions were recorded from three of the five shortlisted JVs. 

The CBE Board of Directors approved that the services of an independent consultant be sought to assist with the adjudication of the bids. In this regard, a firm by the name of ABAKO International Partners, with offices in Addis Ababa and headquartered in Sweden, was then appointed to undertake the adjudication process of this tender. The rationale for engaging independent consultants was to ensure that the adjudication process is carried out by experienced professionals fairly and transparently. The consultants produced and tabled their final report to the Bank’s Executive Committee and later to the Board of Directors, whose report was adopted with all its recommendations. Consequently, the Central Bank of Eswatini is pleased to announce to the public that it has concluded the tender process for the Construction of the CBE Complex at Ezulwini – Phase 1, under RFP No꞉ CBE_HQ_PROPERTIES_RFP_04‑2025_L.

Following a competitive and transparent procurement process, the proposal submitted by Ingcebo Joint Venture has been selected as the most advantageous, achieving a combined score (technical and financial) of 94.99%. The submitted contract value is E2,969,793,267.99, inclusive of VAT and CIC Levy. The project construction time is 34 months as a turnkey. 

Following the issuance of a notice of Intention to Award, which allowed for a 10‑day standstill period to allow the bidders to either seek a briefing or raise any procurement‑related objections, the Bank has proceeded to issue the letter of award to the preferred bidder and has now begun the process of contract negotiations.

The evaluation results for the other proposers are as follows꞉

• CBE Complex Consortium꞉ Combined Score – 83.22% with a submitted project amount of E3,339,196,294.00 (VAT & CIC Levy Incl.)
• Eswatini Consortium꞉ Combined Score – 81.33% with a submitted project amount of E3,352,431,700.00 (VAT & CIC Levy Incl.)

It must be pointed out that an alternative financial proposal amounting to E2,473, 510,275.00 bid was received from Eswatini Consortium, which the independent adjudicators, having assessed it, deemed to be non‑responsive. The Bank is pleased to report to the public that all three bidders met the requirement that the Bank had set of having a minimum 30% local participation in the JVs. The Bank wishes to appreciate the participation of all other entities whose submissions, while not progressing further, contributed to a robust procurement process. The Bank remains committed to upholding the highest standards of integrity and professionalism in the execution of this strategic infrastructure project, which is expected to contribute significantly to the development of Ezulwini and the Kingdom of Eswatini.

Governor

Dr. Phil Mnisi