BEIJING -  Italy and France have been approved as prospective founding members of the Asian Infrastructure Investment Bank (AIIB), China's Ministry of Finance announced on Thursday.

The decision was made by all existing members after discussion, bringing the total number of founding members to 33, the statement said.

The final number of founding members will be confirmed on April 15, after the opinions of all founding members are considered.

Founding members have the right to create governance and operating rules for the bank. Countries that join after the deadline will have voting rights only, with less say in the rule-making process.

The AIIB is expected to be established by the end of this year, with a mission to support infrastructure projects in Asian counties.