Klein

I recently read an article (BBC interview) on Professor Muhammad Yunus, 2006 Nobel Peace Prize recipient. He was given the honor in recognition of his pioneering efforts in microcredits/microfinancing. The concept is simple: a microcreditor lends money to “the rural poor in developing countries who normally do not qualify for traditional banking credit”.* Professor Yunus set up the Grameen Bank in 1976 in Bangladesh, amidst a great famine that affected almost the entire nation. Starting as a small business funding other small businesses, Yunus’ venture now has close to 7 million borrowers. His efforts were recognized by the Nobel committee because it provided a means for the poor to set up businesses and get themselves out of poverty.

*BBC News, October 13 2006