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Sunday, October 15, 2006

Bangladesh's banker to the poor wins Nobel Peace Prize

Bangladesh's Muhammad Yunus, dubbed the "Banker to the Poor," and his Grameen Bank won the Nobel Peace Prize for helping millions escape the poverty trap through a system of small-scale loans.ADVERTISEMENTBorrowers use the micro-credit scheme to buy their own tools and equipment, or even mobile phones, thus cutting out the middlemen and transforming their lives through self-employment.Ole Danbolt Mjoes, the chairman of the Norwegian Nobel Committee, said: "Lasting peace cannot be achieved unless large population groups find ways in which to break out of poverty. Micro-credit is one such means."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."Yunus began fighting poverty during a 1974 famine in Bangladesh with a loan of 27 dollars to save a group of villagers from the clutches of moneylenders

Bangladesh's banker to the poor wins Nobel Peace Prize - Yahoo! News


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