By Jonathan Davies

France and Germany are set to join the UK as founding members of the China-led Asian Infrastructure Investment Bank (AIIB).

The finance ministers from both countries confirmed their application for membership on Tuesday.

Last week, a row broke out between the UK and US over Britain's plans to join the development bank, which is seen by the US as a potential rival to the World Bank.

The UK became the first western country to apply for membership of the bank.

The US is questioning the AIIB's governance standards, describing it as a method to spread Chinese "soft power".

AIIB will fund major energy, transport and infrastructure projects in Asia, with the lure to the UK being better access to one of the fastest growing economics in the world.

A spokesperson for Prime Minister David Cameron said: "There will be times when we [UK and US] take a different approach."

"We think that it's in the UK's national interest," they added.