Facebook Camera for iPhone, The world might be focused on the issues surrounding Facebook's stock price and Mark Zuckerberg's relationship with investors, but the social media giant is trying to move ahead with business as usual. And today's business? The announcement of a brand new Facebook app: Facebook Camera.

Two months after announcing its $1 billion dollar purchase of the photo-sharing app Instagram, Facebook is rolling out an app for the iPhone and iPod Touch that is entirely focused on the camera. It makes it easier for you to interact with your Facebook photos and upload your photos from your phone.

You can view your photos and your friends' photos when you open the app and you can easily share photos you have taken on your phone. You can also "crop, rotate, and add filters to any picture in your camera roll," Facebook's Dirk Stoop said in a Facebook blog post.

Instagram, which is a standalone app for the iPhone and Android phones, has very similar features. While Facebook did announce its purchase of Instagram, the deal hasn't actually closed yet.

"This product has been in the works before the acquisition," Derick Mains, a Facebook spokesperson, told ABC News.

Mains added that Facebook isn't trying to compete with Instagram, just give Facebook users a better mobile photo experience. When Facebook acquired Instagram, Mark Zuckerberg said he wanted to keep the app alive and "spread this app and brand to even more people."

"We have done a lot to improve the photo experience on Facebook.com - we have added high-res images, full-screen viewing. And while the team was doing that they were also focused on mobile, and making the Facebook photo experience better on mobile," Mains said.

The free app will be available in the Apple App Store later today.