The Central Bank of Eswatini (CBE) has updated the public on its phased relocation to the Ezulwini Complex and announced that it has concluded the tender for Phase 1 of the construction of the CBE Complex at Ezulwini, selecting Ingcebo Joint Venture as the preferred bidder. CBE has invested over SZL 170 million to adapt existing buildings on the Ezulwini site for office use, including preparing open-plan office space in a new conference facility. The final group of staff and operations is scheduled to move to Ezulwini on 10 October 2025, after which only limited operations will remain in Mbabane, with full realignment expected by December 2025. For the headquarters project, the Phase 1 procurement process moved from an Expression of Interest stage in December 2024 (eight responsive submissions) to a Request for Proposal issued to five shortlisted joint ventures on 7 April 2025, with three bids received by 2 August 2025. An independent consultant, ABAKO International Partners, supported bid adjudication, and the Board adopted the resulting recommendations. Ingcebo Joint Venture achieved a combined technical and financial score of 94.99% for a contract value of SZL 2,969,793,267.99 (inclusive of VAT and CIC Levy) with a 34-month turnkey construction period; the other evaluated proposals were CBE Complex Consortium (83.22%, SZL 3,339,196,294.00) and Eswatini Consortium (81.33%, SZL 3,352,431,700.00), with an alternative Eswatini Consortium financial proposal of SZL 2,473,510,275.00 deemed non-responsive. Following a notice of intention to award and a 10-day standstill period, CBE issued the letter of award and has begun contract negotiations, and all three bidders met the minimum 30% local participation requirement.
Central Bank of Eswatini 2025-10-09
Central Bank of Eswatini finalises Ezulwini relocation and awards Ingcebo Joint Venture a SZL 2.97 billion Phase 1 contract for its headquarters complex
The Central Bank of Eswatini (CBE) completed the tender for Phase 1 of its new headquarters at the Ezulwini Complex, selecting Ingcebo Joint Venture as the preferred bidder with a contract value of SZL 2,969,793,267.99. The relocation to Ezulwini is underway, with the final staff move scheduled for 10 October 2025, and full realignment expected by December 2025. The procurement process involved a competitive evaluation, with all bidders meeting the minimum local participation requirement.