Poland will join the Chinese-led Asian Infrastructure Investment Bank (AIIB) to boost its ties to Asia and create new business opportunities for Polish companies, the government said. The initial agreement should be signed by the end of this year and ratified by the end of 2016, it said in a statement. The AIIB is seen as a potential rival to the World Bank and Asian Development Bank. First proposed by President Xi Jinping less than two years ago, it has become one of China's biggest foreign policy successes. Despite initial opposition from Washington, almost all major U.S. allies - Australia, Britain, Germany, Italy, the Philippines and South Korea - have joined. The AIIB is expected to begin with a capital of $100 billion and start operating before the end of the year. Asian countries are expected to own up to 75 percent of the bank, while European and other nations will own the remainder.