EZULWINI — The Central Bank of Mozambique (BoM) will provide technical support to the Central Bank of Eswatini (CBE) in the construction of the bank’s new E2.7 billion headquarters.
This follows the signing of a landmark memorandum of understanding (MoU) between the two central banks at the CBE Complex in Ezulwini yesterday.
The MoU was signed by CBE Governor Dr Phil Mnisi and his Mozambican counterpart Dr. Rogério Zandamela, formalising a strategic cooperation framework that will see Mozambique share its expertise and experience in large-scale financial infrastructure projects with Eswatini.
Under the agreement, the BoM will play an advisory role in key technical areas including civil and structural engineering, electrical, mechanical and hydraulic systems, technology infrastructure and physical security, as well as the review of project designs, schedules and progress reports.
This latest development comes just weeks after the CBE officially signed an engineering, procurement and construction (EPC) contract, (also known as turnkey), with Ingcebo Joint Venture.
Ingcebo Joint Venture was awarded the E2.97 billion project after leading with a 94.99 per cent score and meeting the 30 per cent local participation requirement.
During the signing of the contract, Dr Mnisi shared that after negotiations; the contract has come down to E2.78 billion.
Ingcebo Joint Venture is comprised of Stefanutti Stocks (Pty) Ltd and Stefanutti Stocks Construction Eswatini (Pty) Ltd. Both entities are registered with the Construction Industry Council with Stefanutti Stocks Construction Eswatini (Pty) Ltd registered as a local company under the B1 and C1 categories.
The contract signing marked the formal handover of the project site, signifying the commencement of physical works on what will become one of the most ambitious infrastructure developments in Eswatini’s financial sector.
Governor Mnisi noted that with the appointment of Stefanutti Stocks and the newly signed technical cooperation with Mozambique, the Central Bank was laying a solid foundation for effective implementation, strong oversight and risk mitigation throughout the construction phase.
Speaking during the MoU signing ceremony yesterday, Dr Mnisi described the partnership with Mozambique as a milestone in Eswatini’s journey towards modernising its financial infrastructure and strengthening institutional capacity.
“This collaboration reflects our commitment to regional solidarity, cooperation, and the collective pursuit of development. By leveraging the expertise and experience of Banco de Moçambique, we are confident that we will enhance the design, construction and supervision of our new Central Bank complex - a state-of-the-art facility that will serve as a symbol of stability, progress and innovation for Eswatini,” Dr Mnisi said.
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… a regional model for cooperation
EZULWINI - Both governors agreed that the MoU exemplifies how Southern African Development Community (SADC) member States can work together to build stronger and more resilient financial systems.
CBE Governor Dr Phil Mnisi underscored that institutional capacity is the foundation of sustainable economic growth and stability.
“Strong institutions are the backbone of development. Today, we take a vital step forward in ensuring that Eswatini’s financial infrastructure meets and exceeds modern standards,” he affirmed.
The project, now moving into its construction phase under Stefanutti Stocks’ supervision, is envisaged to transform Ezulwini’s skyline and become a national landmark representing Eswatini’s economic ambition and progress.
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