New Delhi: India welcomed Bangladesh, United Arab Emirates (UAE) and Uruguay as new members of BRICS New Development Bank (NDB), said External Affairs Ministry (MEA) spokesperson Arindam Bagchi on Friday.

Bagchi said that the expansion of membership will add value and enable New Development Bank to position itself as the premier development institution for emerging economies.

"India welcomes Bangladesh, UAE and Uruguay as new members of #BRICS #NewDevelopmentBank family. Expansion of membership will add value and enable @NDB_int to position itself as the premier development institution for emerging economies," Arindam Bagchi tweeted.

NDB's Board of Governors authorised the Bank to conduct formal negotiations with prospective members in late 2020. After a round of successful negotiations, NDB approved the admission of the United Arab Emirates (UAE), Uruguay and Bangladesh as its first new member countries, NDB said in an official statement.

"We are delighted to welcome the UAE, Uruguay and Bangladesh to the NDB family. New members will have in NDB a platform to foster their cooperation in infrastructure and sustainable development," said Marcos Troyjo, President of NDB. "We will continue to expand the Bank's membership in a gradual and balanced manner."

NDB was established by Brazil, Russia, India, China and South Africa to mobilize resources for infrastructure and sustainable development projects in BRICS and other emerging economies and developing countries, complementing the existing efforts of multilateral and regional financial institutions for global growth and development.