The Dutch government on Monday signed up as one of the co-founders of the Asian Infrastructure Investment Bank (AIIB).

The bank, proposed in 2013 by China, will provide finance for infrastructure projects in the Asian region. It is seen by some as a rival to the International Monetary Fund.

The Netherlands was one of 50 countries from five continents to sign up on Monday. Seven more countries will sign before the end of this year, broadcaster Nos reports.

The total start capital is $100bn. The Netherlands is contributing $1.03bn, of which 80% is a guarantee and 20% actual cash.

China holds 30% of the shares. India is the second largest player with 8.4%, followed by Russia with 6.5%.

Among the projects which will be financed are a high-speed train line between China and Russia, a new train network in India, roads in Vietnam and a new silk route from China to Europe, Nos says.

Japan and the US refused to participate but China says the door remains open to them.