AMMAN, May 9 -- Jordan announced on Saturday that it has become a founding member of the China-led Asian Infrastructure Investment Bank (AIIB), state-run Petra news agency reported.

The decision to join the new bank was prompted by the Kingdom's belief in the need to support development projects in developing countries, Jordan's Minister of Planning and International Cooperation Imad Fakhoury was quoted as saying.

The minister said the AIIB is a modern knowledge-based institution which focuses on the development of infrastructure and other productive sectors in Asia.

The bank will seek to enhance social and economic development and meet the needs of the region to advance its infrastructure and improve its ability to face financial crises and external challenges by boosting cooperation and integration among the region's countries.

A total of 57 countries have applied to be founding members of the Beijing-backed financial institution, including major powers such as Britain, Germany, South Korea and Russia, according to China's Finance Ministry.

The bank was proposed by China in 2013 and launched at a ceremony in Beijing in October 2014.

The Articles of Agreement (AOA) would be finalized and open for signature by member states in June 2015. The AOA is expected to come into force and AIIB to be fully established by the end of 2015.