New bank will not compete with other agencies, expert says

The BRICS New Development Bank will complement, not compete with, existing financial institutions, an expert on international affairs said.

Marcos Troyjo, the co-founder and co-director of BRICLab, a Columbia University forum on Brazil, Russia, India and China, told China Daily: "The NDB is not being designed to become a competitor of traditional institutions."

Troyjo made his remarks on Wednesday during the annual BRICS summit in Ufa, capital of the Republic of Bashkortostan in Russia. BRICS launched the new bank on Tuesday ahead of the two-day summit.