Jin Liqun (R) takes part in a dialogue at a conference organized by the Boao Forum for Asia in London on Monday.[Photo by Zhang Chunyan/chinadaily.com.cn]

"We are working on establishing this bank and our standards, which must be formed with experiences of both developed and developing countries, especially China."

The AIIB will learn from the good experiences of the existing multilateral development institutions, and avoid their shortcomings, Jin said.

The bank will have universal recruitment and universal procurement, said Jin.

"AIIB can invest in any country," Jin said, giving the example of funding for irrigation projects in Australia that could improve Asia's food security. Even lending to countries such as Egypt, the first African state to join the bank, "shouldn't be any problem", he said.

Taiwan's entry into AIIB was "a domestic affair", Jin said, adding that "family members" can discuss it, and it doesn't require intervention from others.

Now the bank has 57 prospective founding members. Jin said that 10 minutes before the midnight deadline on Mar 31, applications to join the bank were still coming in. More than 30 countries that missed the deadline are on the waiting list to join.

Some member countries which Jin referred to as "sleeping beauties," have yet to ratify the AIIB agreement, with this likely to take until the end of next year.

"But this won't affact AIIB's target to become operational by the end of the year," Jin said, adding that "we respect every country's situation."