Kenya’s Benchmark Solutions Limited has signed a Ksh 1.7 billion ($11.6m) funding agreement for the redevelopment of Mbarara Makhan Singh Market in Uganda.
The Nairobi-based structured trade and project financing advisory firm says the financing agreement signed with Makhan Singh Market Landlords Association Limited will support the transformation of the facility to a modern, seven-story shopping center featuring 280 lockup shops, 130 shelled rooms, 330stalls, a daycare center, 30 toilet facilities, 60 underground parking bays, and 30 roadside parking bays.
“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 Laura Akunga, Benchmark Solutions Chief Executive Officer during the signing of the agreement in Nairobi.
The market which sits on a 1.67 acres of land in Mbarara City currently has 67 lockup shops, 106 kiosks, 150 stalls, 16 restaurants, and 69 second-hand clothing shades which have fallen into a decrepit state over the years.
“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,” added Thomas Mukundane, Makhan Singh Market Landlords Association Chairman.
The renovation work is expected to be completed in a span of 28 to 36 months.
The association which oversees the management of the market was established in 2007 and currently has 639 members.
