Founder of Grameen Bank Receives Nobel Peace Prize
We’ve written about his organizations before on Consumption Rules (see Grameen Bank and Microfinance), but now on Sunday Muhammad Yunus accepted the Nobel Peace Prize for his efforts of extending Microcredit throughout Bangladesh. His business plan has been modeled through most every country throughout the world.
Grameen Bank, set up in 1983, was the first lender to provide microcredit, giving very small loans to poor Bangladeshis who did not qualify for loans from conventional banks. No collateral is needed, and repayment is based on an honor system, with a nearly 100 percent repayment rate.
Yunus said the idea has spread around the world, with similar programs in almost every country.
Clad in a traditional Bangladeshi sleeveless jacket, Yunus accepted his half of the $1.4 million prize from awards committee chairman Ole Danbolt Mjoes.
(From CNN.com)
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