The AIIB is an international financial institution whose founding was proposed in 2013 by the government of China. The general purpose of this multilateral development bank is to provide finance to infrastructure projects in the Asian region. Analysts of international affairs and finance in China, the United States, and Europe say that the unexpected success of the bank represents a major turning point in an undeclared contest for global influence between Washington and Beijing. 

For almost a year, China has been pitching an idea to its neighbors in Asia: a big, internationally funded bank that would offer quick financing for badly needed transportation, telecommunications and energy projects in underdeveloped countries across the region.