Canada will join the Asian Infrastructure Investment Bank (AIIB), making it the first Northern American country to join the organization.

Canada is one of 13 applicants approved by the AIIB's Board of Governors, bringing the bank's total approved membership to 70.

This is the first time AIIB has welcomed new members to the bank since its inception in 2015.

The approved applicants include five regional members - Afghanistan, Armenia, Fiji, Hong Kong, and Timor Leste. There are also eight members from beyond the region, including Belgium, Canada, Ethiopia, Hungary, Ireland, Peru, Sudan and Venezuela.

"The interest in joining AIIB from around the world affirms the rapid progress we have made to establish the bank as an international institution," AIIB president Jin Liqun said.

"I am very proud that AIIB now has members from almost every continent, and we anticipate further applications being considered by our Board of Governors later this year."

At its launch in January 2015, there were 57 signatories to AIIB's Articles of Agreement.

The bank expects to welcome more prospective members throughout the year.