CONAKRY -- Officials of the China Railway Company on Thursday met with Guinean President Alpha Conde to finalize a contract aimed at building 400 low-cost housing in the capital Conakry.

According to the director of the company, Wang Zijieng, his company will build modern and standard houses for Guineans. Wang said his company will live to expectations by building the houses with the required period.

Guinean Minister of Housing and Country Planning Genera Maturin Bangura said the building of the houses will start in December and that in November all materials will be ready for the project.

The contract is going to be entirely financed by the Chinese government under good working relationship between the two governments. The housing will be built to harbor Guinean civil servants whose monthly salaries are absolutely not sufficient to meet fully their basic needs, such as better housing.

The China Railway Company is the second to sign a contract with the new Guinean authorities in one week.

Last week, the China International Water and Electric Company also signed a contract of $526 million with the Guinean government for the building of a hydro-dam in Kaleta, some 150 km from Conakry.

The contract is sponsored 75 percent by the Chinese government and 25 percent by the Guinean government. The project is to be completed within three years.

Since President Conde came to power months ago, China has on several occasions said it will help improve the socio-economic life of the Guinean people.