The Asian Infrastructure Investment Bank (AIIB) in China is a strategic entity for the developing countries including Egypt, International Cooperation Minister Sahar Nasr said on Monday.

"The bank will allow the developing countries to have diverse sources of financing," the minister told MENA correspondent in Beijing.

On Sunday, Nasr represented Egypt at the opening meeting of launching the AIIB in Beijing, attended by President Xi Jinping.

The bank is expected to provide financing between 10 billion to 15 billion dollars annually for various infrastructure projects over the coming five or six years in countries within its operations, including Egypt.