RIO DE JANEIRO -- Colombia and Uzbekistan have joined the New Development Bank (NDB), expanding the membership of the multilateral lender commonly known as the BRICS Bank, the institution's president, Dilma Rousseff, announced here Saturday.

The announcement came at a press conference held after the 10th meeting of the NDB's Board of Directors, ahead of the 17th BRICS Summit scheduled for Sunday and Monday.

The bank's Board of Governors approved the accession of the two countries, bringing the total membership to 11.

Current members include Brazil, Russia, India, China, South Africa, Bangladesh, the United Arab Emirates, Egypt, Algeria, Colombia and Uzbekistan.

"We have several other countries under observation and review, and they may join the bank in the future," said Rousseff, adding that negotiations remain confidential as per the board's decision.

Noting that the bank's mission is to serve the Global South, she said the NDB aims to finance innovation, science and technology to help BRICS countries meet the demands of the Fourth Industrial Revolution.

Stressing that the NDB respects member countries' sovereignty and development priorities, and does not impose projects or lending conditions, Rousseff said: "One of our key differences is that all members are equal, and every voice is heard."

The bank is a 21st-century institution rooted in solidarity, equity and respect for national sovereignty, she added.

Established in 2015 by Brazil, Russia, India, China and South Africa, the NDB is a multilateral development bank aimed at mobilizing resources for infrastructure and sustainable development projects in BRICS and other emerging market economies and developing countries.

Headquartered in Shanghai, the NDB has approved over 120 investment projects totaling $40 billion and spanning several key areas, including clean energy and energy efficiency, transport infrastructure, environmental protection, water supply and sanitation, social infrastructure and digital infrastructure.