Nairobi-based structured trade and project financing advisory firm, Benchmark Solutions Limited has signed a $11.633 Million funding agreement with Uganda’s Mbarara Makhan Singh Market Landlords Association (Limited by Guarantee).
The funds will be used to re-develop Mbarara Makhan Singh Market.
The signing was witnessed by Mr. Deus Nkwasibwe who represented the Office of the President (Uganda); Planbuild Technical Services Director Mr. Dennis Wandera; and Planbuild Technical Services Finance Officer Mr. Simon Jungu.
“Benchmark Solutions is pleased to be part of this important arrangement, which we believe is a significant step forward in the revitalization of the Mbarara Makhan Singh Market – an iconic trading center that has been a cornerstone of Mbarara’s regional commerce since 1960,” said Akunga.
Mbarara Makhan Singh Market Landlords Association has seen its membership grow to 639 as it continues to oversee the management of the market from a membership of 300 in 2007 when it was established.
The market is located on 1.67 acres of land in the heart of Mbarara City’s central business district. It comprises 67 lockup shops, 106 kiosks, 150 stalls, 16 restaurants, and 69 second-hand clothing shades. However, these facilities have fallen into a state of functional and economic obsolescence over the years.
The $11.633 Million Real Estate Project Financing will be used to transform the existing market into a modern, seven-story shopping center featuring 280 lockup shops, 130 shelled rooms, 330 stalls, a daycare center, 30 toilet facilities, 60 underground parking bays, and 30 roadside parking bays.
“The aim of the project is to overhaul the market and so as to provide a conducive and contemporary environment for small-scale vendors within Mbarara Makhan Singh Market,” said Mukundane.
The renovation work is expected to be completed in a span of 28 to 36 months.
The agreement was signed in Nairobi by Benchmark Solution Chief Executive Officer Laura Akunga Muriithi Mwenje and Mbarara Makhan Singh Market Landlords Association Chairman Mr. Thomas Mukundane.