WELLINGTON -- The New Zealand government on Monday praised the new Asian Infrastructure Investment Bank as it officially signed up to the China-led initiative.

Finance Minister Bill English, who attended the ceremony in Beijing, said the bank would address a gap in new infrastructure across Asia.

"New Zealand actively participated early in the negotiations. Our aim was to push for a well-run, transparent and broad-based multilateral institution. The 50 countries who signed today is testament to the final result," English said in a statement from his office.

"We have strong economic, trade and investment links with Asia. Raising the economic potential across the region is very much in the interests of all New Zealanders."

The bank was expected to begin operations before the end of the year.

Alongside counterparts from Switzerland and the Republic of Korea, English was one of three ministers invited to address the meeting of ministers of finance and Chinese President Xi Jinping at the signing ceremony.