Beijing, March 31 (IANS): China confirmed on Tuesday that 30 countries have been approved as prospective founding members of the Asian Infrastructure Investment Bank (AIIB).

The application deadline is March 31 and the number of founding members will be confirmed on April 15, said foreign ministry spokesperson Hua Chunying, adding that some applicant states are still undergoing a multilateral review process, Xinhua news agency reported.

Hua said that the founding of the bank is a "constructive move that will complement the current international economic order and enable China to shoulder more global responsibility".

The China-proposed development bank will be compatible with established international lenders, said Hua, describing its establishment as a move of mutual benefit to countries in Asia and worldwide.

Stressing that the AIIB was an inclusive multilateral financial institution, Hua said China welcomed all interested countries to join the bank.

China would make joint efforts with all the other founding members to build the bank into a professional, efficient financing platform for infrastructure projects, she said.

With an expected initial subscribed capital of $50 billion, the AIIB will be an international financial institution to fund infrastructure projects in Asia and is expected to be formally established by the end of this year.

Twenty-one countries, including China, India and Singapore, signed a memorandum of understanding to found the bank in Beijing in October.