The investment bank was launched Friday in Beijing at a ceremony attended by Chinese Finance Minister Lou Jiwei and delegates from countries including India, Thailand and Malaysia.
Lou says the AIIB is complementary to existing multilateral development banks.
"The main goal of the AIIB is not to alleviate poverty, but to invest in infrastructure development and to realize a connection between Asian countries."
The new bank reflects both China's desire to push investment in the region and its frustration with American, European and Japanese dominance of the World Bank, International Monetary Fund, and Asian Development Bank.
Philippa Jones, Managing d
