Pakistan, among 57 other founding members of the Asian Infrastructure Investment Bank (AIIB), signed articles of agreement in Beijing on Monday.

"We believe the bank will be an important platform to convert abundant savings in the region into investment to help regional economies achieve sustainable and rapid development and contribute to the world economy," said Pakistan's Finance Minister Senator Muhammad Ishaq Dar, representing the country at ceremony.

"Energy and communications infrastructure development is much needed in the region and we believe that the AIIB will cater to the needs of the region and compliment the availability of resources in the region," he said.

Dar added that the China-Pakistan Economic Corridor project, which involves communications infrastructure and power generation projects would provide an integrating platform for more than three billion people in Central, West and South Asia, the Middle East and Africa.

The increase in financial flows, investment, trade and digitalization would bring peace and prosperity to the region, enhance competitiveness of the countries, contribute to reducing regional disparities and social inequality and improve life expectancy and quality of life in the region, he added.