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The Asian Infrastructure Investment Bank could be formally launched by the end of 2015, China's deputy finance minister has said, as he reiterates that the China-led multilateral bank would not rival the roles of World Bank and Asian Development Bank.

Shi Yaobin, the vice-minister of finance who chaired multilateral meetings on the launching of the bank, said the multilateral bank to fund infrastructure projects in Asia has been positively received by countries in and outside Asia, as 27 countries have signed up as the initiating country for the bank.

"We are aiming to enable the bank to be put into operation by the end of 2015," he told China Daily on Friday.

Shi said that the member countries are expected to complete negotiations on the bank's administration agreement before June, before the countries can finalize the legal procedures within their own countries.

Shi denied that the Asian Infrastructure Investment Bank could challenge the roles of the World Bank or the Asian Development Bank, as the AIIB would be focused on infrastructure renovation for Asian countries, rather than poverty reduction.

"Indeed there is some link between infrastructure investment and poverty alleviation. Thus the three parties would play complementary roles to each other," he said.

Shi said China has no intention to rival the Western-dominated multilateral lenders in the initiating of the bank, as both the World Bank and the Asian Development Bank have provided important support to the country in its economic development.

Chinese President Xi Jinping first spoke of an idea of the AIIB during a visit to Indonesia in October 2013. China has offered to be largest shareholder of the $50 billion institution, with a stake of as much as 50 percent.