Bangladeshi economist Muhammad Yunus, whose system of micro-credit
loans reshaped development efforts in poor nations, won the Nobel Peace
Prize today, along with the bank he founded [source].
Congratulation to Yunus and his excellent venture, Grameen Bank. Some may wonder how does a bank win a Nobel Peace Prize. The connection may not be apparent but empowering thousands of poor Bangladeshis especially women in a developing (and corrupt) nation has a large role to play in promoting peace. People are intrinsically concerned about their personal welfare and if given an opportunity, they would choose a hard day’s work over running amok killing people and destroying property.
As Ole Danbolt Mjoes, director of the Nobel Committee says, “Lasting peace cannot be achieved unless large population groups find ways in which to break out of poverty. Micro-credit is one such means.” Yunus not only helps the poor with with access to micro-credit loans but also gives them hope of a better life. His bank may not be solving Bangladesh’s problems just yet but it is a step in the right direction. I am glad his efforts were recognized.