Brussels, Aug 9 (IANS): The European Union has welcomed the swearing-in of the members of Bangladesh's interim government led by Nobel Prize laureate Muhammad Yunus.

"Bangladesh is now entering a period of transition and the interim government will have an important task to prepare the ground for democratic elections and ensure accountability for the deaths and violence that have occurred," EU foreign policy chief Josep Borrell said in a statement on Thursday.

He termed it an "important moment for the country's democratic path and the fulfilment of the aspirations of the people of Bangladesh and its youth".

"The EU looks forward to engaging with the new administration and to supporting this critical transition which should be part of a peaceful and inclusive process underpinned by good governance, democratic values and respect for human rights," Borrell said.

Microfinance pioneer Yunus took oath as the head of the interim government in Bangladesh on Thursday evening.

After taking oath, he said that he would "uphold, support and protect the constitution and will perform my duties sincerely".

A well-known social entrepreneur, banker, and economist, Yunus is also hailed as the 'father of microfinance' for founding the Grameen Bank in 1983 and becoming the pioneer of microcredit and microfinance concepts.