... FNB spends E60m in new building

MBABANE – First National Bank (FNB) has spent E60 million in the new office building at Ezulwini.

The building is about to be finished and the bank indicated that 71 per cent of the total construction was spent on local contractors.

“FNB Eswatini understands the importance of infrastructure development as a key driver for economic growth, and has prioritised in-country service providers in the construction of its own head office in Ezulwini. As of June 2022, E60 million had been paid to contractors, with 71 per cent of the total construction spend was awarded to locals. The project is well underway to reaching the targeted completion date of May 2023,” reads the report. It was further revealed in the report that a key part of the project was adding new facilities to enable improved employee and customer experience, and to increase customer engagement opportunities.

Paps Waterproofing Solutions was one of the companies engaged by the bank to provide waterproofing on concrete roof slabs and balconies for E1.4m.

Other local companies cited as part of the beneficiaries in the construction includes Star Paint, Sundale Stainless Steel, Prospec Engineering Contractors.

FNB Board Chairperson Joseph Ndlangamandla said developments in recent times were based on the threat to business sustainability and growth due to the deterioration and uncertainty within the business environment.

“Causal factors include increasing prices of vital commodities such as fuel, the reality of climate change, social unrest, and increasing cases of crime in the country which have become major causes of concern. Increasing interest rates are also an issue impacting our society,” said Ndlangamandla.

He encouraged businesses not to despair as the factors were never known to be permanent. He said difficult times pass but businesses and all citizens should be encouraged to play their part in the development of the country.