Ethiopia has invited foreign companies to invest in its housing project, the country’s urban development and housing construction minister told Ethiopian News Agency.

Mekuria Haile said the horn of Africa country, that emerged from one of the worst famines in the late 80’s to experiencing the fastest economic growth in Africa over the last decade, had issued tenders for foreign investors to help construct houses in the country under a 40/60 program.

Started 10 years ago Ethiopia’s government housing program has reportedly benefited some 25,000 households annually. The program has three different packages: 10/90, 20/80 and 40/60. The numbers refer to the financial contribution of the prospective house owner and the government, respectively.

“The selection of the companies base technical proposal, financial capacity, logistics capacity and implementation capacity” Haile said.

“Projects will be awarded to the companies in accordance with their proposals, past performance as well as current implementing capacity,” he added.

According to government estimates 65,000 low-cost houses are currently under construction in the capital Addis Ababa. It plans to build a total of 960,000 houses in the next 10 years by engaging local and foreign real-estate developers.

The minister said that foreign companies were invited after local construction firms delayed in completing their projects in time, causing huge delays in the program.

“Speed is important to meet the ever-increasing demand for housing across the nation and the government cannot achieve the goal to transfer more houses to the public with the current performance of the local enterprises,” Haile added.