 |
|
Muhammad Yunus waves
to well-wishers at
his home in Dhaka,
Bangladesh, Oct.13,
2006 |
Muhammad Yunus and the
Bangladesh bank he set up 30
years ago have been jointly
awarded the 2006 Nobel Peace
Prize.
Muhammad Yunus, dubbed
the "banker to the poor,"
has been awarded this year's
top Nobel honor, along with
the bank he established in
1976.
What Yunus struck upon
was a key tool in the fight
against poverty, the issuing
of so-called micro-credit;
credit given to those too
poor to qualify for
traditional loans.
 |
|
Chairman of
Norwegian Nobel
Committee, Ole
Danbolt Mjoes, holds
up photograph
showing Muhammad
Yunus |
In Oslo, Nobel Committee
head Ole Danbolt Mjoes says
Yunus has been inspirational
in transforming lives
through his credit plan
which in turn also serves to
build democracy and
strengthens human rights.
"Muhammad Yunus has shown
himself to be a leader who
has managed to translate
visions into practical
action for the benefit of
millions of people, not only
in Bangladesh, but also in
many other countries," he
said. "Loans to poor people
without any financial
security had appeared to be
an impossible idea. From
modest beginnings three
decades ago, Yunus has first
and foremost through Grameen
Bank, developed micro-credit
into an ever more important
instrument in the struggle
against poverty. Grameen
bank has been a source of
ideas and models for the
many institutions in the
field of micro-credit that
have sprung up around the
world."
In his tireless effort to
root out poverty, Yunus
gives out credit to poor
people without security. His
Grameen Bank now has some
6.5 million borrowers, most
of them women.
In addition, his bank
also gives out nearly 30,000
scholarships to poor
students annually.
His aim is to empower a
whole new generation of men
and women and his model is
being adapted elsewhere.
The Grameen Foundation
now has a network of 52
partners in 22 countries
helping millions in Africa,
the Americas and in the
Middle East.
