China's Finance Minister Lou Jiwei (C) signs a document, with the guests of the signing ceremony of the Asian Infrastructure Investment Bank at the Great Hall of the People in Beijing October 24, 2014.

March 13, 2015

"Britain said it has sought to become a founding member of the Asian Infrastructure Investment Bank (AIIB), making it the first Western nation to embrace the China-backed institution, but the United States reacted frostily to the development.

The AIIB was launched in Beijing last year to spur investment in Asia in transportation, energy, telecommunications and other infrastructure. Analysts have said it could challenge the Western-dominated World Bank and Asian Development Bank."

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http://in.reuters.com/article/2015/03/13/britain-asia-bank-idINKBN0M906C20150313?type=economicNews