The inaugural president of a Chinese-led Asian regional bank says the door remains open to the United States and Japan becoming members of the institution.

Jin Liqun, president-designate of the Asian Infrastructure Investment Bank, said Wednesday that the bank will work closely with the World Bank, Asian Development Bank and other institutions.

The U.S. had objected that the AIIB would undercut existing institutions and might allow looser lending standards. But the bank won wide support from U.S. allies. Its 57 founding members include Britain, France, Australia and South Korea.

The bank is poised to start operation around the end of this year. It plans to finance investments in railways, cargo ports and other trade-related infrastructure.