BUENOS AIRES - An Argentina minister on Thursday underscored the importance of his country's joining the Asian Infrastructure Investment Bank (AIIB), a development initiative led by China.

With the move, Argentina "expands its financing tools to grow the economy," Luis Caputo, Minister of Public Finance, said a statement.

Now "Argentina will be able to begin presenting projects for infrastructure development and job creation," the minister added.

AIIB's board of governors approved Argentina's membership on June 16.

The AIIB is a lending bank designed as an alternative to traditional institutions such as the World Bank and International Monetary Fund (IMF), whose loans often come with political strings attached.

The AIIB "will be able to finance, co-finance or participate in projects for economic development, provide consulting and technical assistance, and grant special resources," said Caputo.

The minister also said the institution is interested in promoting a wide range of key sectors, such as energy, transport, telecommunications, rural infrastructure, agricultural development, urban development, water supply, sanitation services, environmental protection and logistics.

In a recent interview with Xinhua, President of Argentina Mauricio Macri spoke of his country's intention to join the institution.

"We have committed ourselves to forming part of the infrastructure bank. Our objective is to participate, add to the initiatives for the Mercosur region (and) for Argentina," said Macri.

"We believe it can be a very good vehicle for continuing to develop shared initiatives, both to improve infrastructure and boost production, and in that way have greater exchanges with China," the president said.

The bank was founded on January 2016, and is headquartered in Beijing.