This is a good and welcome development. The Asian Infrastructure Investment Bank is launched today, 24th October 2014 at Shanghai, China, attended by most of the countries in Asia. But Australia, South Korea and Indonesia did not attend due to US pressure, who sees the new bank as a rival to World bank as also the Asian Development Bank controlled by it.

The AIIB with an investment of $ 50 billion is expected to help the Asian countries by giving loans at cheaper rates and more liberal conditions than both World Bank and Asian Development Bank. Naturally, US, World Bank etc. are not happy with the new development. India is an active partner of the Bank.