Nairobi — Benchmark Solutions Limited, a Nairobi-based structured trade and project financing advisory firm, has secured a US$11.633 million funding arrangement with Uganda’s Mbarara Makhan Singh Market Landlords Association.

According to Kenya News Agency, the funding agreement was formally signed in Nairobi by Laura Akunga Muriithi Mwenje, the Chief Executive Officer of Benchmark Solutions, and Thomas Mukundane, the Chairman of the Mbarara Makhan Singh Market Landlords Association.

In the agreement, Laura Akunga Muriithi Mwenje noted the significant impact the funding will have on the revitalization of the Mbarara Makhan Singh Market. Established in 1960, the market has long been a central hub for regional commerce in Mbarara. The Mbarara Makhan Singh Market Landlords Association, which oversees the market’s management, was established in 2007 and has grown its membership from 300 to 639.

Located in the central business district of Mbarara City, the market spans 1.67 acres and currently features 67 lockup shops, 106 kiosks, 150 stalls, 16 restaurants, and 69 second-hand clothing shades. Over the years, these facilities have experienced a decline, falling into a state of functional and economic obsolescence.

The US$11.633 million will be allocated to redevelop the market into a seven-story shopping center. The new facility will feature 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 so as to provide a conducive and contemporary environment for small-scale vendors within Mbarara Makhan Singh Market,” said Thomas Mukundane.

The timeline for the completion of the renovation work is set for 28 to 36 months. Present at the signing ceremony were Deus Nkwasibwe, representing the Office of the President of Uganda; Dennis Wandera, Director of Planbuild Technical Services; and Simon Jungu, Finance Officer of Planbuild Technical Services.