China's Finance Ministry welcomes new members of AIIB

BEIJING -- China's Ministry of Finance on Tuesday welcomed the decisions made by France, Italy and Germany to apply joining the Asian Infrastructure Investment Bank (AIIB).

The ministry website said that the three countries will become founding members in two weeks if other members approve.

The decisions were confirmed on Tuesday, following Britain's application last week.

The AIIB, an international financial institution aiming to provide support to infrastructure projects in Asia, is expected to be established by the end of this year.

China's Minister of Finance Lou Jiwei said on March 6 that 27 countries had applied to found the bank. The application deadline is March 31.