Mbabane – The Central Bank of Eswatini (CBE) has signed a E2.78 billion contract with Ingcebo Joint Venture for the construction of its new headquarters in Mbabane. The signing ceremony took place on Friday, 24 October 2025.
Ingcebo Joint Venture, made up of Stefanutti Stocks (Pty) Ltd and Stefanutti Stocks Construction Eswatini (Pty) Ltd, secured the contract after scoring 94.99% during the tender process. The project also met the 30% local participation requirement, with plans to engage several Eswatini-based consultants and subcontractors.
The Engineering, Procurement and Construction (EPC) contract marks the start of Phase 1 of the CBE Complex project. According to CBE Governor Dr. Phil Mnisi, the development will feature a 21-storey modern headquarters, with 16 floors reserved for the Bank’s operations. Two additional floors, covering a total of 2,200 square metres, will be leased to tenants. 
Dr. Mnisi thanked His Majesty King Mswati III for his leadership and vision in supporting the project, describing the development as a milestone in the Bank’s history and a significant boost to the country’s infrastructure.
Ingcebo Joint Venture Managing Director, Billy Howes, said the team was honoured to have been selected for the project. He noted that the contract was a rare opportunity and promised to deliver the project within budget, on time, and to the required quality standards.
He also said the venture was eager to involve local suppliers and contractors, ensuring that the Eswatini economy benefits directly from the multi-billion Emalangeni project.
