Benchmark Solutions Limited, the Nairobi-based trade and finance advisory firm, and the Mbarara Makhan Singh Market Landlords Association signed an $11.6mn (Shs43.8bn) financing agreement Tuesday for the redevelopment of the Mbarara Makhan Singh Market.
The agreement was signed in Nairobi by Laura Akunga Muriithi Mwenje, chief executive of Benchmark Solutions, and Thomas Mukundane, chairperson of the Mbarara Makhan Singh Market Landlords Association.
“We are pleased to be part of this agreement, which we believe is a significant step forward in the revitalisation of Mbarara Makhan Singh Market, an iconic trading centre and a cornerstone of commerce in Mbarara and the [western] region since 1960,” said Ms Akunga.
The market sits on 1.67 acres of land in Mbarara’s central business district. It comprises 67 lock-up shops, 106 kiosks, 150 stalls, 16 restaurants, and 69 second-hand clothes shops. Over time, however, these facilities have become functionally and economically outdated.
The $11.6mn loan will be used to transform the current market into a modern, seven-storey shopping centre with 280 lock-up shops, 130 shelled rooms, 330 stalls, a nursery, 30 toilets, 60 underground parking spaces and 30 roadside parking spaces.
“The aim of the project is to renovate the market to provide a conducive and modern environment for small-scale vendors,” said Mukundane.
The renovation work is expected to be completed within 28 to 36 months.
Benchmark Solutions Ltd operates in 18 African countries and acts as an intermediary for global lenders interested in investing in African public companies and projects.
The signing was witnessed by Deus Nkwasibwe, who represented the office of the president (Uganda); Dennis Wandera, director at Planbuild Technical Services; and Simon Jungu, finance officer at Planbuild Technical Services.
($1 = Shs3769.04)
