How western is "development"?

First, second, and third worlds. Expired terms of class pressed upon the world during the Cold War. Though used significantly less than nearly forty years ago, referring to these countries less developed than the west as "third world" has become common place, almost colloquial, despite its political incorrectness. Is this a revelation of how western the term "development" has become?
Modern refiners of development have changed almost as much as their definitions, swapping out ambiguous terms such as "third world" for Highly Indebted Poor Countries (as used by the European Union), or using factors such as GNI and GDP to determine how developed a country is. However, a majority of these definers have one thing in common: they all originate from a western background. Even eastern Asian aid coalition groups, such as China Eximbank and China Development Bank, have undeniable links to the west. The EU, World Bank, IMF, and even the UN were inspired by western practice, and took it upon themselves to assist the "third world" in developing, especially during the Cold War.
A time of great animosity, the Cold War pitted countries against one another, the U.S.A. Especially taking built up aggression and channeling it into policies such as "containment" and the relentless spread of democracy. It's here the "third world" originates; nuteral countries who aligned neither with the communist Soviet Union  nor the democratic United States, as well as countries who were too underdeveloped to be considered either "first" or "second" world.
And so the world was divided accordingly.
Today, such divisions of the world are irrelevant. It seems now to simply be "developed" or "underdeveloped". Former Cold War enemies have now found alliance in each other, especially where the United States and China are concerned. In fact, the American and Chinese Eximbanks (Banks of Import and Export) have recently agreed on terms proposing a $47 BN USD loan to Sunyani Water Supply System Expansion and Rehabilitation.
That is not to say China cannot be independent in their loan disbursement, but it is relevant to note that most of China Eximbank and China Development Bank loans are issued based off of London Interbank offered rates.
Additionally, all of Official Development Aid (ODA) given in 2008, Only 10.3% of $28.8 BN USD was given by eastern nations, China and Japan.
This information is not to suggest that China is less willing to provide aid, nor that they are less able to do so without western assistance. If anything, it proves how dominate the west is in the field of development aid. A western tradition, modernized by Asain involvement. Whether or not such aid is beneficial to these "third world countries" is a seperate question; however, one thing remains certain: so long as there is money to give, someone will be willing to take it.

Sources:
China and USA Eximbanks deal
Chinese Development Aid in Africa