NICOSIA - Cyprus has become a full member of the Asian Infrastructure Investment Bank (AIIB), the country's Finance Minister Haris Georgiades said Friday.

Joining the AIIB is an indication that Cyprus intends to strengthen its ties with the Asian economies, he said in a written statement.

"The participation of Cyprus in the AIIB widens the scope of economic diplomacy and also the prospects of access by Cyprus to investment funds," Georgiades said.

The China-proposed multilateral institution was launched in Beijing in January 2016, with the aim to fund infrastructure projects mainly in the Asia-Pacific region.

Cyprus is among the seven countries accepted recently by AIIB's Board of Governors. The others are Greece, Romania, Bahrain, Samoa, Bolivia and Chile. The recent expansion brings AIIB's membership to 77.