Beijing, April 1 (IANS): Germany has been approved as a prospective founding member of the Asian Infrastructure Investment Bank (AIIB), China's ministry of finance announced on Wednesday.

The decision was made by all existing members, which include China, India, Malaysia, Singapore, Thailand and Kazakhstan, Xinhua news agency reported.

The total number of prospective founding members has now increased to 31.

The deadline for applications to join as founding members was March 31, with 16 countries still awaiting approval.

The final number of founding members will be confirmed on April 15, after the opinions of all founding members are considered.

Founding members have the right to create governance and operating rules for the bank. Countries that join after the deadline will have voting rights only, with less say in the rule-making process.

The AIIB is expected to be established by the end of this year, with a mission to support infrastructure projects in Asian countries.