South Korea's new finance minister will participate in the inauguration ceremony of the China-backed Asian Infrastructure Investment Bank, the ministry said Friday.

The AIIB, formally established in December last year, will hold its first meeting at an opening ceremony on Saturday, with many international heavyweights including Chinese President Xi Jinping to attend.

South Korea is one of the 57 founding members of the international organization, with 3.81 percent of the voting rights, the fifth-largest among member countries.

The Ministry of Strategy and Finance said that Finance Minister Yoo Il-ho will attend the inauguration ceremony and the board of directors meeting, slated for Sunday and Monday.

"Minister Yoo will have bilateral meetings with his Chinese counterpart Lou Jiwei and AIIB President Jin Liqun," said the ministry.

It said that Song In-chang, the head of the finance ministry's international finance bureau, will join the 12-member board of directors. (Yonhap)