PHNOM PENH, Aug. 29 (Xinhua) -- The China-initiated Asian Infrastructure Investment Bank (AIIB) and Silk Road Fund are crucial for Asia's developing countries that need capital for connectivity and infrastructure development, Cambodian Transport Minister Sun Chanthol said Monday.

"Efficient connectivity is vital to the growth of the economy and trade," he said during the opening ceremony of the 37th ASEAN Ports Association Working Committee meeting held here.

The minister said that according to the Asian Development Bank estimate, ASEAN needs about 70 billion U.S. dollars a year in the next 5 to 10 years to carry out the Master Plan on ASEAN Connectivity, and Asia needs between 8 and 10 trillion U.S. dollars over the next 5 to 10 years to invest in the infrastructure projects to improve connectivity.

"The newly-established Asian Infrastructure Investment Bank (AIIB) with its capital of 100 billion U.S. dollars, China's 40-billion-U.S.-dollar One Belt One Road strategy, and the Asian Development Bank fund provide much needed capital to fund energy, power, transport and telecommunications infrastructure in Asia," he said.

The AIIB was formally established in Beijing, capital of China, in Dec. 2015, and the Silk Road Fund with China's contribution of 40 billion U.S. dollars was announced in November 2014 in Beijing.

The two sources of funding are aimed to provide financial support to regional infrastructure development projects in the framework of the Silk Road Economic Belt and the 21st Century Maritime Silk Road, known as Belt and Road initiative or One Belt One Road initiative.