Brazil is assessing "with sympathy" a project to organize the so-called "bank of the South", but said "much negotiation" is needed before it sees the light, Brazilian Minister of Foreign Affairs Celso Amorin told Efe.

He added that the initiative, championed by Venezuelan President Hugo Chávez, "is very interesting," and has a great potential to promote development, but clarified that there are some technical considerations and even diverging stances that need to be addressed and solved.