Myanmar is seeking approval from the parliament to invest 264.5 million US dollars in the Asian Infrastructure Investment Bank (AIIB), parliament sources said Wednesday.

Of the total investment amount, 20 percent or 52.9 million US dollars will be contributed to the bank by Myanmar at the initial stage.

The Memorandum of Understanding on Establishing the AIIB specified that its authorized capital is 100 billion US dollars and the initial capital will be around 50 billion dollars.

AIIB is an international financial institution proposed by China in 2013 and was launched in Beijing in October 2014. The purpose of the multilateral development bank is to provide finance to infrastructure projects in the Asia region.

It is expected that the AIIB will be formally established by the end of 2015.