The African Development Bank ( ADB) said it has earmarked 450 million U.S. dollars for various development projects in Ethiopia in the next three years.

After his talks with Ethiopian Prime Minister Meles Zenawi Saturday in Addis Ababa, ADB President Donald Kaberuka told journalists that he discussed with Meles on ways of effectively utilizing the fund made available by the bank.

Kaberuka arrived Friday to pay a three-day working visit to Ethiopia.

He said he also deliberated on how the bank would assist Ethiopia to further enhance its development endeavors.

Pointing out that Ethiopia is one of the ADB's leading development partners, Kaberuka said he also discussed with Meles on ways of further consolidating the bilateral cooperation between Ethiopia and the bank.

Ethiopia will spend the fund it secured from the ADB on construction of roads, generation of electricity and provision of water, agricultural development, among others, according to Ethiopian Finance Minister Sufian Ahmed.

The ADB was established in 1964 under the auspices of the UN Economic Commission for Africa (ECA) and began operation in 1966. The main office is in Cote d'Ivoire. The bank obtains its funds from cash subscriptions from regional and non-regional members. In order to retain the bank's African character, regional members subscribe two-thirds of the total capital stock.

Ethiopia is one of the world's poorest and most indebted countries. It is chronically unable to feed its population and has to rely to massive foreign aid.

Source: Xinhua