Australia has been approved as a prospective founding member of the Asian Infrastructure Investment Bank (AIIB), China's Ministry of Finance said on Monday.

This brings the number of prospective founders to 47. Founding members of the AIIB have the right to make the rules of the bank. Countries that applied to join after March 31 will be ordinary members with voting rights only, and less say in the rule-making process. Founding membership will be finalized on April 15.

The AIIB will provide financing for roads, railways, airports and other infrastructure projects in Asia. It is expected to be established by the end of this year.

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