Myanmar's parliament on Friday approved a proposal to invest 264.5 million US dollars in the Asian Infrastructure Investment Bank (AIIB), parliament sources said.

According to U Win Shein, minister of Finance and Revenue, 20 percent or 52.9 million dollars of the investment amount will be contributed to the bank by Myanmar at the initial stage every year for 10 years.

Myanmar has been a member of the World Bank and the Asian Development Bank (ADB), getting monetary assistance from the institutions. Likewise, Myanmar should participate in the AIIB as a member to get infrastructure investment assistance, said Kan Zaw, minister of National Planning and Economic Development.

Proposed by China, AIIB aims at providing finance to infrastructure projects in the Asian region.