Six months after its inauguration in Beijing on January 16, the Asia Infrastructure Investment Bank (AIIB), the China-led inter-governmental development institution focused on Asia, has granted its first four loans.

There is one thing particularly noteworthy about these loans. Three of them have, in effect, called the bluff of those who have claimed AIIB was part of a Chinese ploy designed to undermine the Asian Development Bank, the World Bank, and similar institutions.