Jin Liqun, president of the Asian Infrastructure Investment Bank, and Canadian Finance Minister Bill Morneau attend a news conference in Beijing on Wednesday. [Photo/China Daily]

Canada will apply to join the Asian Infrastructure Investment Bank, a move that the bank's president said will contribute "significantly" to the institution.

If Canada joins the AIIB, it will be the first North American member of the multilateral bank.

Canadian Finance Minister Bill Morneau announced the decision at a news conference in Beijing on Wednesday.

AIIB President Jin Liqun welcomed Canada's decision, which he said "shows its confidence in the strong foundations the bank has built in our first few months".

"Canada has a remarkable track record of multilateral engagement, and I believe it will contribute significantly to the development of this bank," said Jin at the news conference in Beijing.

Jin said that, including its 57 founding members, the AIIB will have more than 90 members by the end of the year. Jin said all countries are welcome to apply for membership.

Morneau said that helping fund high-quality infrastructure in Asia will contribute to global economic growth and help Canadian companies to explore new commercial opportunities.

"Canada can also make constructive contribution to the AIIB, thanks to our country's proud tradition and international leadership on the global stage," he said.

The AIIB will help sustain growth in Asia, and it represents an opportunity for Canada to further engage in multilateral infrastructure efforts that support inclusive economic growth in Asia and beyond, Canada's Department of Finance said in a news release.

Su Ge, president of the China Institute of International Studies, said: "It's a wise decision for Canada to join the AIIB. The move is beneficial for both sides."

Su said it will help prove the AIIB's value and give Canada a new platform for international investment.