The Hong Kong Special Administrative Region (HKSAR) on Tuesday announced on its government website that it has become a member of the Asian Infrastructure Investment Bank (AIIB).

As a member, Hong Kong will participate in the upcoming second annual meeting of the AIIB Board of Governors, which will be held in Jeju, South Korea from June 16 to 18.

On May 22, Hong Kong's Finance Committee of the Legislative Council approved funding for the 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 (153.9 million US dollars) and payable over five years, and 6,121 callable shares.

Hong Kong was admitted as a new member of the AIIB after completing the subsequent legal procedures, according to the HKSAR government.

The AIIB announced in March that it had approved membership applications of Hong Kong and 12 others, increasing total membership of the Beijing-based bank to 70. 

"As the leading international financial center, 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'," Financial Secretary of the HKSAR government Paul Chan said in the announcement, adding that Hong Kong is "well placed to help the AIIB to raise funds to finance various infrastructure projects."