Grameen Bank – “Working toward a Poverty-Free World”

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On October 13, 2006, Professor Muhammad Yunus of Bangladesh stepped to the podium in Oslo, Norway, to accept the Nobel Peace Prize. The work for which Yunus was being honored had started a financial revolution of sorts in 1976, when he turned the banking industry on its head by giving microloans to poor people. With the success of his initial loans, he founded the Grameen Bank. (The definition of Grameen is rural or village in the Bangla language.)

“We were happy that the world has given recognition, through this prize, that poverty is a threat to peace,” Yunus writes on the Grameen Bank’s website. “Grameen Bank, and the concept and methodology of micro-credit that it has elaborated through its 30 years of work, have contributed to enhancing the chances of peace by reducing poverty. Bangladesh is happy that it could contribute to the world a concept and an institution which can help bring peace to the world”…

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