The Central Bank of Eswatini (CBE) and the Bank of Mozambique (BoM) have signed a Memorandum of Understanding (MoU) to collaborate on the design, construction, and supervision of the CBE’s new state-of-the-art complex.
The MoU was signed yesterday by CBE Governor Dr Phil Mnisi and Governor of the Banco de Mozambique, Rogerio Zandamela on the sidelines of the State of Instant Payment Systems (SIIPS) report 2025 launch at the CBE complex in Ezulwini.
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The signed MoU sets out the nature and parameters of the technical support, which is advisory in nature and covers critical aspects of the construction and integration of the complex.
The Bank of Mozambique will provide technical advisory support in areas including civil and structural engineering, electrical, mechanical, and hydraulic systems, technology infrastructure and physical security, review of project designs, schedules, and progress reports. Both parties articulated detailed responsibilities within the agreement, pledging to discharge them through on-going consultative engagements, participatory meetings, and technical working groups.
The CBE is optimistic that this partnership will bring significant value, ensuring successful project delivery, effective risk mitigation, and crucial skills transfer to the Eswatini team. Making his remarks, CBE Governor Dr Phil Mnisi emphasised that this agreement, which he described as a significant milestone in strengthening institutional capacities and building resilient banking infrastructure, leverages the expertise of the Bank of Mozambique to ensure the successful delivery of Eswatini’s most ambitious building project to date.
The new CBE Head Office Building is set to become the tallest in Eswatini and is designed as a smart building, targeting a minimum four-star rating under the South African Council of Green Building standards. Dr Mnisi acknowledged the critical role of the collaboration, stating that the new facility would serve as a “symbol of stability, progress, and innovation for Eswatini.”
The partnership reflects a commitment to regional solidarity and the collective pursuit of development, ensuring the new infrastructure exceeds the standards of modernity and resilience required in the current global environment, according to the governor. He indicated that the foundation for the formal MoU was laid through earlier peer-learning initiatives between the two central banks.
CBE initially sought to learn from peer institutions, including the BoM, regarding the management of similar complex projects. Following a high-level visit to the BoM, the technical teams began deep engagement. During the tender process for the CBE project, engineers and architects from the Bank of Mozambique provided invaluable support and guidance, which was credited with ensuring the success of the process.
With the site now formally handed over to the EPC contractor, CBE requested technical support for project implementation. The immediate response from the governor of the BoM to formalise this assistance via an MoU highlighted the long-standing cordial relationship between the two institutions. The CBE governor concluded by reaffirming a commitment to a mutually beneficial relationship and expressing deep gratitude to BoM Governor Zandamela, with the words, “Muito obrigado pelo apoio contínuo.”
Governor of the Banco de Mozambique, Rogerio Zandamela highlighted that the memorandum established a framework through which the Banco de Mozambique will provide technical advisory and monitoring support to the Central Bank of Eswatini on the design, construction and supervision of the new Central Bank Complex, ‘which we understand as a project of great strategic significance for the modernisation of Eswatini’s financial infrastructure..
“Our participation will draw on the experience that the Banco de Mozambique has acquired through the construction and management of similar large-scale infrastructures, such as our headquarters tower, cultural and sport complexes, and modern beach buildings across the provinces of Mozambique,” said Zandamela.
He expressed confidence that, by working closely with the CBE, his team would achieve tangible progress in areas such as civil and structural engineering, electrical, mechanical and hydraulic systems, technology infrastructure, and physical security. For that reason, the governor noted that this memorandum outlined concrete steps to make cooperation a reality.
“This partnership represents a solid expression of solidary, trust and a shared belief that joining our strengths, we can achieve more together than we could alone,” said the governor. Zandamela concluded by saying that through this memorandum, the Banco de Mozambique reaffirms its unwavering commitment to accompany the Central Bank of Eswatini in this important endeavor.
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