Project financing advisory firm inks Sh1.16b funding deal with Ugandan company

Benchmark Solutions CEO Laura Akunga (right) and Mbarara Makhan Singh Market Landlords Association Chair Thomas Mukundane sign a funding agreement. [Nanjinia Wamuswa, Standard]

A trade and project financing advisory firm Benchmark Solutions has signed a $11.633 million (Sh1.16 billion) funding arrangement agreement with Uganda-based company Mbarara Makhan Singh Market Landlords Association Ltd in Nairobi.

Benchmark Solutions Chief Executive Laura Akunga said the funds will be used to re-develop Mbarara Makhan Singh Market.

"Benchmark Solutions is pleased to be part of this important arrangement, which we believe is a significant step forward in the revitalisation of the Mbarara Makhan Singh Market, an iconic trading centre that has been a cornerstone of Mbarara's regional commerce since 1960," she said.

Established in 2007, the Mbarara Makhan Singh Market Landlords Association has seen its membership grow to 639 as it continues to oversee the management of the market.

The market is located on 1.67 acres of land at the heart of Mbarara City.

It comprises 67 lockup shops, 106 kiosks, 150 stalls, 16 restaurants, and 69 second-hand clothing shades.

Mbarara Makhan Singh Market Landlords Association Chair Thomas Mukundane said the real estate project financing will be used to transform the existing market into a modern, seven-story shopping centre.

It will feature 280 lockup shops, 130 shelled rooms, 330 stalls, a daycare centre, 30 toilet facilities, 60 underground parking bays, and 30 roadside parking bays. "The aim of the project is to overhaul the market and to provide a conducive environment for small-scale vendors within Mbarara Makhan Singh Market," he said.

The renovation works are expected to be completed in 28 to 36 months. The event was witnessed by Deus Nkwasibwe - Office of the President (Uganda); Planbuild Technical Services Director Dennis Wandera; and Technical Services Finance Officer Simon Jungu.