JERUSALEM - Israel welcomed on Wednesday the approval of its application to become a founding member of the Asian Infrastructure Investment Bank (AIIB).

The secretariat of AIIB announced earlier in the day that Israel and six other countries had been approved as AIIB's founding members, bringing the final total of the bank's founding members to 57.

"With this important move, Israel is joining a new international economic forum in an important theater of dynamic economic growth," Israel's foreign ministry said in a statement.

"Israel's accession is expected to open a large new area of opportunities for including Israeli companies in projects financed by the new bank," it added.

Israel will join the upcoming talks for the founding process scheduled at the end of this month in Beijing, according to the statement.

Founding members of AIIB have the right to help define the bank' s rules, while countries that applied to join after March 31 will be considered as ordinary members with voting rights but less say in the rule-making process.

The China-proposed 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.