UPDATE 1-World Bank welcomes China-led infrastructure bank
* World Bank President says "massive need" for infrastructure investment
* Says World Bank can work with any new infrastructure bank
* Praises China's progress in enacting reforms (Adds quotes, details)
BEIJING, July 8 (Reuters) - World Bank Group President Jim Yong Kim on Tuesday welcomed a new multilateral infrastructure bank proposed by China, saying there was a "massive need" for new investment in this area.
China, which aired the idea of creating the Asian Infrastructure Investment Bank in October to fund projects in Asia, has said it would likely be the largest shareholder in the bank, with a stake of as much as 50 percent.
The initiative is one of a growing list from China and which experts say is part of the country's attempt to influence Asia's security and financial architecture.
Chinese leaders have sought to downplay the politics behind the proposed infrastructure bank and Kim, who is visiting China, said a new bank made good business sense.
"Any estimate of the infrastructure needs in the developing countries start at about $1 trillion a year," Kim told reporters at a briefing, adding that the figure greatly exceeded private-sector investment of about $150 billion a year.
"So we welcome any new organisations. We think the need for new investment in infrastructure is massive." Continuación...