Saturday, October 14, 2006

Richly deserved prize for banker to the poor...

This may be the most uplifting story of the week!!

On Friday, the Norwegian Nobel committee awarded the $1.4 million prize jointly to Muhammad Yunus and Grameen Bank, the lending agency he founded in 1983 to pioneer the concept of microcredit--small loans that have helped lift millions out of poverty."

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," the Nobel committee said in its citation. Yunus is the first Nobel laureate from Bangladesh, a wrenchingly poor South Asia country that usually makes headlines for floods and famines.

This seems to have been a very popular choice, given the reaction around the world. It should give a big boost to the concept of microcredit.