Kayongo told Uganda Radio Network in an interview that Owino market sits on seven acres of land, adding that developing such huge land doesnt come cheap. He explained they are ready to submit plans to Kampala Capital City Authority KCCA for approval.
The Executive Director of St. Balikuddembe Stalls Space and Lock-up Shops owners Association (SSLOA), Godfrey Kayongo Nkajja, says plans are in top gear for the redevelopment of the market, which will cost over US$200 million approximately Shillings 750 billion.
Kayongo told Uganda Radio Network in an interview that Owino market sits on seven acres of land, adding that developing such huge land doesn't come cheap. He explained they are ready to submit plans to Kampala Capital City Authority (KCCA) for approval.
The redevelopment, Kayongo says will be funded by development partners. When President Museveni visited Owino early this month, Kayongo told him that they want a government guarantee in order to secure a loan from development partners.
Museveni promised to meet Owino market leaders for further discussion. "When we meet the president, we will expound more on the plans and the way forward and how this project is inclusive. We are putting him up to speed so that he can understand where we are," Kayongo said.
With the president's support, Kayongo says they expect to expedite the process of redeveloping the market. Kayongo says the development process has partly been delayed by a section of people who fear that the project is too expensive as well as those who think it may be difficult to secure a loan from development partners.
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The vendors has already acquired 3.5 acres of land where traders would relocate to during the redevelopment of Owino market.
However, title of the land was deposited in DFCU Bank to secure a loan of Shillings 4.5 billion was used to pay the defunct Kampala City Council when traders wanted to secure a 99 year lease.
Traders later discovered that title was not with KCC but Kampala District Land Board. Traders had to mobilse more money to pay Kampala District Land Board.
Kayongo told Museveni that traders have paid DFCU Bank amounting to Shillings 3.9 billion. He further explained that DFCU has sold an acre of the land for Shilling 1.1 billion and is threatening to sale the whole land.
Museveni promised that government will pay off the loan. Kayongo says this is another hurdle that traders have jumped in the process of setting pace for the market redevelopment.
The president promised Shillings 500 million for Owino's main SACCO and Shillings 10 million for each small SACCO in the market. There are 97 SACCOs in Owino.
The money is yet to be disbursed to these SACCOs. Kayongo says a number of these SACCOs have not been fully been registered. He says traders will be sensitised on how the money will be operationalized before it is disbursed as loans.