BEIJING -- China's Ministry of Finance on Thursday night welcomed the decision made by Luxembourg to apply joining the Asian Infrastructure Investment Bank (AIIB).

Luxembourg will become a founding member if other members approve, according to a statement on the ministry's website.

Luxembourg on Wednesday officially announced its application to joining the bank as a prospective founding member and submitted its candidacy to China.

The AIIB, an international financial institution aiming to provide support to infrastructure projects in Asia, is expected to be established by the end of this year.

China's Finance Minister Lou Jiwei said on March 6 that 27 countries had applied to found the bank. The application deadline is March 31.

Britain, France, Germany and Italy have previously applied to be founding members.