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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.
Technorati Tags: Nobel Peace Prize, Grameen Bank, Muhammad Yunus, Bangladesh, poverty, micro-credit, loans, empowerment, liberation
by Patrix | on Friday, October 13th, 2006 at 1:05 pm | 
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October 13th, 2006 at 2:29 pm reply
Thanks for posting this excellent news! At Grameen Foundation, we’re excited to see the word spread about microfinance, as we’re working to bring the Grameen Bank microfinance model to the poorest of the poor around the world. For those new to microfinance: Learn more about microfinance and a bit about what we do to help the poor worldwide. For more details on the Grameen Bank in Bangladesh, Muhammad Yunus has published the very useful Grameen Bank at a Glance.
October 14th, 2006 at 8:47 am reply
I just hope that the money is not used to fund Bangla Bhai and their ilk. http://en.wikipedia.org/wiki/Bangla_Bhai
October 14th, 2006 at 6:07 pm reply
Ken, Glad to see you here. I have always appreciated Muhammad Yunus’ work with the Grameen Foundation and think the Nobel was well deserved.
Anon, you wouldn’t say so if you know of Grameen Foundation’s work in Bangladesh.
October 14th, 2006 at 6:36 pm reply
[Patrix] - similar claims were made when we gave Pakistan a check for 25 million and then everyone knows what happened.. Maybe Grameen does not indulge in this but I think they gave the prize to a Muslim because they wanted to look “politically right”, they should have given it to Bono for his work, but they had to pick a non controversial muslim this time
October 15th, 2006 at 12:44 pm reply
Anon,
What’s a Muslim got to do with it? Dr. Yunus deserves it. As simple as that.
October 17th, 2006 at 9:35 am reply
Anon, your statement only serves as a vindication for the need to recognise and celebrate the many good things happening in Bangladesh.
While I’m shocked that you could suspect a link between Grameen and BBhai, I am not surprised. For those of us who are involved in development work in Bangladesh, the skew of information out there is saddening.
Could I please ask that you do some research before displayng such rank ignorance next time around?
October 17th, 2006 at 3:46 pm reply
Shocked, never mind Anon. The world wouldn’t be complete without few paranoid and irrational people. His/her views tell a lot more about himself/herself than about Grameen.