The signing ceremony of memorandum of understanding on establishing the Asian Infrastructure Investment Bank (AIIB) is held in Beijing, Oct 24 2014. [Photo/Xinhua]

TAIPEI - Taiwan has submitted a letter of intent on joining the Asian Infrastructure Investment Bank (AIIB) proposed by the Chinese mainland, the island's finance authority said Tuesday.

The island's last-minute application, submitted by the mainland affairs agency to the State Council Taiwan Affairs Office, will be relayed to the AIIB's interim secretariat, according to a statement by the island's finance authority.

Tuesday is the deadline for such application pending the agreement of the bank's existing 27 prospective founding members.

Any applicant economy will become a founding member of AIIB on April 9 if other members approve its application.

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.