Argentina's Foreign Minister Susana Malcorra said her country plans to join the China-led Asian Infrastructure Investment Bank (AIIB). She made the announcement on May 17 during a meeting in Beijing with Chinese Foreign Minister Wang Yi, CCTV reported.

A statement on the website of China's Foreign Ministry confirmed that South America's second-largest economy has voiced intentions to join the bank, diversifying its financing for infrastructure projects. China is willing to assist in Argentina's admission, the statement read.

If the plan is actualized, Argentina will be the 16th G20 country to join AIIB. Argentina and China previously reached a reciprocal agreement to grant 10-year multiple-entry business and tourist visas, CCTV reported.

Argentinean President Mauricio Macri, currently on a state visit to China from May 14 to 18, attended the Belt and Road Forum for International Cooperation, which concluded on Monday. Over the course of his visit, the two countries signed cooperation and financing agreements for investments in Argentina, mainly in the areas of energy, infrastructure and agriculture, Xinhua reported. The deals were worth a total of $15 billion, Argentinatoday.org reported.

The agreements are connected to projects including Argentina's planned fourth and fifth nuclear reactors, as well as three solar photovoltaic parks in the country's northwestern Jujuy province, according to Xinhua.