MOSCOW (Sputnik) – New Zealand will become a founding member of the AIIB, an international financial institution proposed by China to invest in infrastructure projects in the Asia-Pacific region.
"Our membership will enhance our already strong economic, trade and investment links with the Asian region," the country’s Finance Minister Bill English said in a statement, quoted by the New Zealand Herald newspaper.
The AIIB will bridge an infrastructure investment gap in the Asian region, the minister added.
New Zealand is expected to officially join the $50-billion AIIB, headquartered in the Chinese capital of Beijing, by the end of June.
The bank was created in October 2014 and currently counts 57 prospective founding members, including Russia, according to the AIIB website.
