New Zealand becomes 24th founding member of AIIB

Chinese Finance Minister Lou Jiwei (C) signs with guests at the signing ceremony of the Asian Infrastructure Investment Bank at the Great Hall of the People in Beijing on Oct 24, 2014. [Photo/CFP]

New Zealand has become the latest founding member state of the Asian Infrastructure Investment Bank (AIIB).

With the new addition, the number of prospective founding members of the AIIB has increased to 24.

The founding members are expected to complete all negotiations and paper work before this June. The bank is expected to go into operation by the end of this year.

The AIIB has an authorized capital of $100 billion and the initial subscribed capital is expected to be around $50 billion.

Beijing will be the host city for the AIIB's headquarters.