Mbarara, Uganda | NOW THEN DIGITAL — Benchmark Solutions Limited, a Nairobi-based structured trade and project financing advisory firm, has entered into a funding arrangement agreement worth US$11.633 million with Uganda’s Mbarara Makhan Singh Market Landlords Association. This funding will be utilized for the redevelopment of the Mbarara Makhan Singh Market.
The agreement was signed in Nairobi by Benchmark Solution’s CEO, Laura Akunga Muriithi Mwenje, and the Chairman of Mbarara Makhan Singh Market Landlords Association, Mr. Thomas Mukundane. The signing was witnessed by representatives from the Office of the President in Uganda, Planbuild Technical Services, and Planbuild Technical Services Finance.
Laura Akunga expressed her satisfaction with the agreement, emphasizing its significance in revitalizing the iconic Mbarara Makhan Singh Market, which has played a pivotal role in regional commerce since 1960.
The Mbarara Makhan Singh Market Landlords Association, established in 2007 with 300 members, has grown to 639 members. It is responsible for overseeing the management of the market, which is situated in Mbarara City’s central business district. The market includes lockup shops, kiosks, stalls, restaurants, and second-hand clothing stalls, but these facilities have become functionally and economically obsolete over the years.
The US$11.633 million real estate project financing will be used to transform the existing market into a modern seven-story shopping center with a variety of amenities, including lockup shops, shelled rooms, stalls, a daycare center, parking facilities, and more.
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The aim of the project is to create a contemporary and conducive environment for small-scale vendors within Mbarara Makhan Singh Market. The renovation is expected to be completed in 28 to 36 months.
Benchmark Solutions Limited specializes in structured trade financing and project financing and operates in 18 African countries, serving as an intermediary between international lenders, financial institutions, private equity funds, and entities looking to invest in African governments, financial institutions, and private companies across the continent. They are members of International Loan Markets in various regions, including Europe, the Middle East, Africa, and the Asia-Pacific region.
