Brazil officially became a founding member of China-led Asia Infrastructure Investment Bank (AAIB), the Chinese Ministry of Finance said in a statement on Sunday.

The announcement, posted on the ministry’s official website, added that the Netherlands, Georgia, Finland and Denmark were also confirmed as inaugural participants in the regional lender.

By Sunday, the number of founder members of AAIB had reached 46, including the United Kingdom, France and South Korea, the ministry said.

Portugal has also applied to become a founding member. Its application will be confirmed tomorrow, should all AIIB existing members approve.

The establishment of AIIB was first proposed by China in 2013, as a new means to help fund infrastructure in Asia. The bank is due to be formally launched later this year.