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Foreign construction companies in Ethiopia paralyzed by hard currency shortage

The existing severe hard currency shortage is paralyzing local industries that import raw materials for their production. The shortage of foreign currency reserve observed in the past few years has already forced many businesses, especially construction companies to slow down their activities. Addis Ababa Savings & Houses Development Enterprise (AASHDE) was said to build  8,428 homes under the middle-income housing scheme. But  Public Relations Director of Ministry of Urban Development, Housing and Construction, Ato Ethiopia Bedecha, said that foreign construction companies working on the project have been challenged because of hard currency shortage.