BEIJING - The China-initiated Asian Infrastructure Investment Bank (AIIB) on Monday approved the membership of Cote d'Ivoire, Guinea, Tunisia and Uruguay, bringing AIIB's total approved membership to 97.

"The growth in membership from Africa and Latin America demonstrates the importance that these countries attach to improving infrastructure and connectivity with Asia," said AIIB Vice President and Corporate Secretary Sir Danny Alexander. "It also reflects the commitment of our members to multilateral co-operation and high standards of governance."

The four prospective members will officially join the AIIB once they complete the required domestic processes and deposit the first installment of capital with the bank.

As of the end of 2018, the membership of AIIB had grown from the 57 founding members to 93, spread across five continents.

Officially launched in January 2016, the Beijing-based AIIB is a multilateral development bank initiated by China and supported by a wide range of countries and regions, which will provide financing for infrastructure improvement in Asia.