Brazil's president is moving to downplay suggestions of a south-north global financing competition.
Brazilian President Dilma Rousseff says the new BRICS development bank is not a challenge to the International Monetary Fund.
"We do not have the slightest interest in giving up the International Monetary Fund, on the contrary we have interest in making it more democratic and representative, the new BRICS bank is not against it. It is in our favour, it's different, it's a completely different posture."
But at the same time, Rousseff does say the New Development Bank will have a different stand than the IMF when it comes to dealing with developing countries.
At this week's BRICS summit in Brazil, the grouping, which includes Brazil, Russia, India, China and South Africa, have agreed to establish the development bank with start-up capital worth 50-billion US dollars.
The bank will be headquartered in Shanghai.
