The Federal Housing Corporation (FHC) has launched the Gerji village project with a total cost of 3 billion birr.

The corporation awarded the contracts to Korean, Indian and Ethiopian firms in an agreement signed today at the Sheraton Addis hotel.

The Gerji village project sees construction of 10-story buildings consisting of 510 housing units on 3 hectares of land.

The project will employ new technology and is expected to take 18 months for completion, it was indicated.

Reshad Kemal, general manager of the corporation, said the Gerji village project will contribute its share in addressing housing problem in the city.

The corporation is currently building housing units at 8 different sites.