BEIJING — China’s Ministry of Finance said on March 20 that the country welcomed Switzerland’s decision to apply to join the Asian Infrastructure Investment Bank (AIIB).

Switzerland will become a founding member on March 28 if other members approve, according to a statement on the ministry website.

Switzerland on March 20 announced its application to join the bank as a prospective founding member and submitted its candidacy to China last week.

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

China’s Finance Minister Lou Jiwei said on March 20 that the AIIB has already had 27 prospective founding members. The application deadline is March 31.

Britain, France, Germany, Italy and Luxembourg have previously applied.