A new China-led development bank has been launched Monday. After a week of ironing personnel and other issues, officials of the Asian Infrastructure and Investment Bank are now ready to roll up their sleeves for the bank's full-fledged operations.

The bank officials claim that the bank will promote economic development. They hope to issue their first loan by the end of 2016. However, there are non-signatory countries that are staying on the sidelines, unsure about the credibility of this new institution.

President Xi Jingping of China launched the bank on January 16 in Beijing China. He unveiled a symbolic sculpture during the opening ceremonies.

With its image molded in the same structure as the World Bank, the Asian Infrastructure and Investment Bank is seen as a competitor to the U.S.-backed institution.  This could change the unwritten rules governing global development finance.

But the Chinese president was optimistic during the bank's launching. He believes that there will be mutual cooperation between the AIIB and its international counterparts. Xi added that the bank will be used to make the governing system of the world's economy stronger, making it more efficient and fair to all stakeholders.

"The official establishment and opening of the AIIB will effectively boost investment channels in Asia, especially capitals from private sectors in infrastructure projects," says President Xi. He added that the bank will encourage inter-communication, inter-connection and will enhance economic integration.

The development and unveiling of the AIIB took place despite opposition from Washington, its allies, including Britain, Australia, Italy, Germany, South Korea and the Philippines joined the bank. These countries cannot ignore the growing financial clout of China.

Chinese Premier Li Keqiang also lent his support to the development of the AIIB. He noted that investments are needed in Asia if it is to continue its dynamic role in the world's economic growth.