World Bank head says new entrants 'will be welcome'

New multilateral development banks will not be rivals of the World Bank Group, according to its head, dispelling doubts that other lenders would try to compete with the globe's largest development bank.

Initiatives such as the Asian Infrastructure Investment Bank and BRICS Development Bank are not considered a threat to the World Bank, said World Bank Group President Jim Yong Kim.

"World Bank welcomes new entrants," he said at a news conference on Tuesday in Beijing.