BEIJING (Reuters/AFP) - Canada will apply to join the China-backed Asian Infrastructure Investment Bank (AIIB), the bank's president Jin Liqun said on Wednesday (Aug 31) in a statement issued ahead of a news conference.

"Canada is always looking for ways to create hope and opportunity for our middle class as well as for people around the world," Finance Minister Bill Morneau said in a statement issued in Beijing. "Membership in the AIIB is an opportunity to do just that."

Canada will submit its application to join the AIIB by the end of 2016, said Mr David Lauzon, a Canadian Finance Ministry official.

Canada's joining will be a coup for Beijing after Washington previously tried to dissuade its allies from signing up.