Canada has missed a key deadline for joining a Beijing-backed infrastructure bank, limiting the influence the government will have over how the new institution will run.

China set Tuesday, March 31, as the last day for governments to signal their interest in becoming founding members of the Asian Infrastructure Investment Bank, which seeks to fund roads, railways and other projects in the region. More than 40 countries signed on, generating significant global momentum for the bank as it works out the details of how the new organization will be governed.

Canada has said little about its plans, but the parliamentary secretary to the Finance Minister signalled last week that Ottawa would not get involved with the new bank before the Tuesday deadline, noting the Chinese government had indicated that Canada would be welcome to participate at any time.