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[LosingNow]

Bangladeshi Economist, Bank
Win Peace Prize for Microcredit

Associated Press
October 13, 2006 7:42 a.m.

OSLO, Norway -- Bangladeshi Muhammad Yunus and the Grameen Bank were awarded the Nobel Peace Prize on Friday for their work in advancing economic and social opportunities.

The economist and his bank, who will share the prize, were cited for their efforts to help "create economic and social development from below" in their home country by using innovative economic programs such as microcredit lending.

"Every single individual on earth has both the potential and the right to live a decent life. Across cultures and civilizations, Yunus and Grameen Bank have shown that even the poorest of the poor can work to bring about their own development," the Nobel Committee said in its citation.

MEET THE WINNERS

 
1 • Catch up2 on the Nobel winners from the past two weeks.
 
• A Talk With Literature Winner Orhan Pamuk3
 
Reached by the Nobel foundation, Mr. Yunus was excited about winning the prize. "I'm absolutely delighted. I cannot believe that it has really happened," he said by telephone. "Everyone was telling me that I would get the prize but it came as a surprise. It is fantastic news for the people that have supported us."

Mr. Yunus has drawn praise for advancing microcredit, which has been credited with helping poor women to advance their lives and pull them out of poverty. Microcredit is the extension of small loans, typically $50 to $100, to entrepreneurs too poor to qualify for traditional bank loans.

Ole Danbolt Mjoes, chairman of the committee, said that Mr. Yunus's efforts have had visible results. "We are saying microcredit is an important contribution that cannot fix everything, but is a big help," Mr. Mjoes said, adding that Mr. Yunus is a "smart guy. He is creative. His head is in the right place."

Mr. Mjoes recounted that Mr. Yunus himself lent $27, divided among 42 people, in 1976, to help them buy weaving stools. "Then they got the weaving stools quickly, they started to weave quickly and they repaid him quickly," he said.

Grameen Bank, which was founded by Mr. Yunus, provides credit to "the poorest of the poor" in rural Bangladesh, without any collateral, according to its Web site.

"At GB, credit is a cost effective weapon to fight poverty and it serves as a catalyst in the overall development of socio-economic conditions of the poor who have been kept outside the banking orbit on the ground that they are poor and hence not bankable," the committee said.

[LosingNow]

Vikram Akula of India deserves special praise too.

[hastalavistababy]

Bangladeshi Mohd Yunus wins Peace Nobel

Associated Press
Posted online: Friday, October 13, 2006 at 1434 hours IST
Updated: Friday, October 13, 2006 at 1745 hours IST

 Oslo (Norway), October 13: Bagladeshi Muhammad Yunus and the Grameen Bank were awarded the Nobel Peace Prize on Friday for their work in advancing economic and social opportunities.

 
 
The economist and his bank, who will share the prize, were cited for their efforts to help "create economic and social development from below" in their home country by using innovative economic programmes such as microcredit lending.

"Every single individual on earth has both the potential and the right to live a decent life. Across cultures and civilisations, Yunus and Grameen Bank have shown that even the poorest of the poor can work to bring about their own development," the Nobel Committee said in its citation.

Yunus has drawn praise for advancing microcredit which has been credited with helping poor women to advance their lives and pull them out of poverty.


 "Economic growth and political democracy can not achieve their full potential unless the female half of humanity participates on an equal footing with the male," the committee said.

Grameen Bank, which was founded by Yunus, provides credit to "the poorest of the poor" in rural Bangladesh, without any collateral, according to its Web site.

"At GB, credit is a cost effective weapon to fight poverty and it serves as a catalyst in the overall development of socio-economic conditions of the poor who have been kept outside the banking orbit on the ground that they are poor and hence not bankable," the committee said.


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[arjun]

Great! He has really set a model which we are now trying to emulate by creating and financing self help groups in the villages.