BEIJING - Egypt, Norway and Russia have been approved as prospective founding members of the Asian Infrastructure Investment Bank (AIIB), China's Ministry of Finance said on Tuesday.

This brings the number of prospective founders to 50, the ministry said.

Founding members of the AIIB have the right to make the bank's rules, while countries that applied to join after March 31 will be considered ordinary members with voting rights only and less say in the rule-making process. Founding membership will be finalized on April 15.

The AIIB will provide financing for roads, railways, airports and other infrastructure projects in Asia. It is expected to be established by the end of this year.