Hong Kong: Hong Kong on Tuesday said that it has become a member of the Asian Infrastructure Investment Bank (AIIB).

In May, the Finance Committee of the Legislative Council approved the funding for subscription of 7,651 shares of the AIIB's capital, including 1,530 paid-in shares that amount to about 1.2 billion Hong Kong dollars ($150 million) and payable over five years, and 6,121 callable shares, reports Xinhua news agency.

Having completed the subsequent legal procedures, Hong Kong was admitted as a new member of the AIIB.

Financial Secretary Paul Chan said that "the early completion of our accession process demonstrates Hong Kong's readiness to support the operation of the AIIB."

"As the leading international financial centre, Hong Kong has a sophisticated, robust and highly liquid financial market, and an abundance of top professionals with global experience, coupled with the unique advantage of 'one country, two systems'," Chan said, adding that the region is "well placed to help the AIIB to raise funds to finance various infrastructure projects."

The AIIB will hold the second annual meeting of its Board of Governors in Jeju, South Korea, from June 16-18.