Full coverage: 2015 Boao Forum

The China-initiated Asian Infrastructure Investment Bank is seeing its list of founding members grow.

Denmark has applied according to China's Ministy of Finance, making Denmark the latest European power to join the institution.

The  Ministry said that China welcomes Denmark's decision. Once approved, Denmark will officially be a founding member of the AIIB on April 12th.

Earlier on Sunday, Australian Prime Minister Tony Abbott said that Australia has decided to sign a Memorandum of Understanding on the AIIB, which would allow it to become a founding member of the bank.

So far, 42 countries have expressed intentions to become a member of the AIIB, including China.