Agalarov Development founder Emin Agalarov has pledged 1.65 billion lilangeni, about $100 million, for manufacturing projects in Eswatini.
The announcement remains an investment commitment rather than completed financing. No signed project contracts, list of factories or implementation schedule have been announced.
Agalarov made the pledge in Ezulwini at an event attended by Eswatini’s King Mswati III.
Funding Intended for Manufacturing
Agalarov said the funds would support manufacturing development in the southern African kingdom. Reports did not identify the specific industries, project sites or number of factories under consideration.
Mswati welcomed the commitment but noted that some investors had previously announced large projects in Eswatini without delivering them. The king said Agalarov’s record of projects in Azerbaijan gave him confidence that the pledge would materialize.
The promised $100 million should therefore not yet be treated as money already invested. Project agreements, financing schedules and construction work would provide the next confirmation.
Contacts Followed King’s Azerbaijan Visit
Mswati visited Azerbaijan in May 2026 and met President Ilham Aliyev. The sides discussed cooperation in energy, mining and other sectors, and Agalarov hosted the Eswatini delegation at the Sea Breeze complex.
AzerGold and Eswatini’s Ministry of Natural Resources and Energy separately signed a memorandum on mining cooperation. It covers the exchange of geological and commercial information, resource assessments and feasibility studies. The memorandum provides context for broader business contacts but is not a contract for Agalarov’s $100 million pledge.
If converted into concrete projects, the commitment would rank among the largest publicly reported private investments by an Azerbaijani business in Eswatini.
Source: Vesti Baku.