OSLO, March 31 -- Norway has confirmed its intention to join the Asian Infrastructure Investment Bank (AIIB) as a prospective founding member, the Norwegian Ministry of Foreign Affairs said Tuesday in a press release.

"Norway is a substantial contributor to global development efforts and wishes to join countries from Asia and other parts of the world in further refining the structure and mission of the AIIB," Norwegian Foreign Minister Borge Brende was quoted as saying.

He said Norway hopes the launch of the AIIB will help address a widely acknowledged infrastructure funding gap in Asia as the bank has received widespread support in both Asia and Europe.

"China's initiative highlights the increasing weight of the new and emerging powers. Norway has actively promoted closer political and economic ties with the Asia-Pacific region, and our decision to join the bank forms part of that strategy," Brende said.

"The establishment of the AIIB will be important for Norwegian development priorities. Norway will work to ensure that the AIIB embodies the best standards of governance, accountability and transparency," he said. "We expect it to work closely with and complement the efforts of other relevant institutions such as the Asian Development Bank, the World Bank and the International Monetary Fund."

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.