Portugal has applied to join the China-led Asia Infrastructure Investment Bank (AIIB) as a founding member, China’s Ministry of Finance said in a statement on Wednesday.

The European Union country could become a founding member on April 15, should all AIIB existing members approve, the statement said, adding that China “welcomes” the decision of Portugal.

The application window to become a founding member of AAIB closed on Tuesday, with more than 40 jurisdictions applying to join the bank, news agency Reuters reported. Brazil last week applied to become a founding member of the bank.

The establishment of AIIB was first proposed by China in 2013, as a new means to help fund infrastructure in Asia.