Congratulations Professor Yunus and the Grameen Bank
On Sunday, Professor Muhammad Yunus and the Grameen Bank will be awarded the Nobel Peace Prize. Yunus’ leadership and vision in the field of microfinance has revolutionized the way the world addresses global poverty.
Microfinance means loaning very small sums of money to people, almost always women, who are living in extreme poverty. The loans are based on social collateral (rather than traditional assets) and all borrowers are expected to support each other and hold each other accountable. As each loan is repaid, the money is redistributed as loans to others, magnifying the small loans’ impact within a community.
Since its foundation 30 years ago, the Grameen Bank has loaned over four billion dollars to over three million people. As stated in the “Breaking Through” video on the Grameen Foundation’s website, almost half of all Grameen Bank members have escaped poverty.
Today, more than one billion people live on less than one dollar a day. Microfinace is one of the most powerful strategies in history to address these problems in a practical way and on a global scale. On the Grameen Foundation Website you can learn more about the Grameen Bank and microfinance and even congratulate Professor Muhammad Yunus on his world-changing work.
If you read this, Congratulations, Professor Yunus. Your innovation, compassion, and intellect is creating historic strides in the war against poverty.
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Famous remarks are very seldom quoted correctly.
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Thank you. You have helped someone more than you could know.