UPDATE: Samiha Esha has a page with profile of and to congratulate Dr Yunus on his achievement.
Was just on the way to work when I heard on the radio that Dr. Muhammad Yunus and the Grameen Bank have been awarded the 2006 Nobel Peace Prize. Dr. Yunus, from Bangladesh, founded the bank which offers loans to the poor in Bangladesh who have no financial security (usually women) [BBC]. He set up the bank in 1976 with just $27 from his own pocket. Thirty years on, the bank has 6.6 million borrowers, of which 97% are women, according to the Grameen website, and the defaulting rate is astonishingly low.
The theory is that rural poor women are more responsible with money than their husbands, who may blow it on gambling, drinks or prostitutes. The women use the money to start home businesses which if prospers can be used to pay back the loan with interest.
The Nobel Peace Prize honours those who do the "most or best work during the year for fraternity between the nations, for the abolition or reduction of standing armies or for the holding and promotion of peace congresses".
It's a proud moment to be a Bangladeshi. Historically the other person of note to win the Nobel prize from Bangladesh was Rabindranath Tagore, for Literature.
Muhammad Yunus - Wikipedia profile
Grameen Bank - Website | Wikipedia
Tags: Muhammad Yunus Grameen Bank Nobel Peace Prize