South Korean Finance Minister Choi Kyung-hwan said Monday that his government will seek active cooperation with a China-led development bank to help develop infrastructure in North Korea, although the reclusive North is not a member of the Asian Infrastructure Investment Bank.
  

Choi made the remarks at a meeting with South Korean correspondents in Beijing as he signed articles of agreement that decide the shareholdings of each member of the AIIB.
  

South Korea became the fifth-largest shareholder of the AIIB with a stake of 3.81 percent. The China-led lender is seen as a rival to the U.S.-dominated World Bank and the Japan-led Asian Development Bank.
  

The AIIB charter allows the bank to invest into non-member countries, including North Korea, if the members who hold 75 percent of its voting rights agree to do so, Choi said.
  

"For us, there is no reason to refrain from supporting North Korea through the AIIB. Rather, I think we should make active efforts to do so, if conditions are met," Choi said.
  

However, Choi cautioned against reading too much into the statement, saying, "It is too early to say something, given the current situation in North Korea."
  

The U.S. and Japan did not joint the AIIB, which has 57 countries, including major Western economies such as Britain, Germany and France, as its members.
  

China holds de facto veto power in the AIIB, with a stake of 30.34 percent and voting rights of 26.06 percent.
  

Asked about concerns over the AIIB's government structure, Choi replied, "There had been a significant improvement in negotiations over the Articles of Agreement."
  

While the AIIB will be governed by a non-resident board of directors, the AIIB charter makes it clear that the board has the only authority to decide on all the bank's operations and investment, Choi said.
  

Citing figures released by international organizations, the South Korean finance ministry said that demand for Asia's infrastructure financing is estimated at $730 billion a year. But an average of $236 billion has been invested into infrastructure projects in Asia.
  

"The AIIB will provide a good opportunity to close the gap and will provide a good opportunity for our companies to make inroads into infrastructure markets in Asia," Choi said. (Yonhap)