Beijing, March 28 (IANS): Russia has decided to join the Asian Infrastructure Investment Bank (AIIB), the latest country to sign up as the application deadline draws close, Russian First Deputy Prime Minister Shuvalov said on Saturday.

He made the announcement at the 2015 annual conference of the Boao Forum for Asia in the coastal town of China's southern island province of Hainan, Xinhua reported.

"I would like to inform you that Russian President Vladimir Putin has made a decision on Russia’s participation in the capital of the Asian Infrastructure Investment Bank," Tass quoted Shuvalov as saying.

The AIIB is a newly-launched multilateral development bank to help finance infrastructure projects in Asia for sustainable growth and social development in the region, the ministry said.

According to the Asia Development Bank (ADB) data, Asia's infrastructure demand is expected to reach some $730 billion per year by 2020, but the supply of investment funds from the World Bank and the ADB falls far short of the demand.

Thus, the AIIB aims to strengthen economic and financial cooperation among countries in the region and pioneer economic development by focusing on providing funds for regional development, the ministry said.