Microfinance Pioneer Wins Nobel Peace Prize
It’s official: the 2006 Nobel Peace Prize has been awarded to Mohammed Yunnus and Grameen Bank for work promoting microfinance as a tool for economic development. Yunnus and Grameen join an impressive list of past laureates.
From the Norwegian Nobel Committee press release:
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. 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.