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B’desh economist, Grameen Bank win Nobel Peace Prize
Manmohan lauds his microcredit concept

Oslo, October 13
Bangladeshi Professor Muhammad Yunus and Grameen Bank were awarded the Nobel Peace Prize today for their work in advancing economic and social opportunities.

The economist and his bank, who will share the prize, were cited for their efforts to help “create economic and social development from below” in their home country by using innovative economic programmes such as microcredit lending. “Every single individual on earth has both the potential and the right to live a decent life. Across cultures and civilisations, Mr Yunus and Grameen Bank have shown that even the poorest of the poor can work to bring about his own development,” the Nobel Committee said in its citation.

Mr Yunus has drawn praise for advancing microcredit concept which has been credited with helping poor women to advance their lives and pull them out of poverty.

“Economic growth and political democracy can not achieve their full potential unless the female half of humanity participates on an equal footing with the male,” the committee said.

Grameen Bank, which was founded by Mr Yunus, provides credit to “the poorest of the poor” in rural Bangladesh, without any collateral, according to its website.

“At Grameen Bank, credit is a cost-effective weapon to fight poverty and it serves as a catalyst in the overall development of socio-economic conditions of the poor who have been kept outside the banking orbit on the ground that they are poor and hence not bankable,” the committee said.

Helsinki: Prime Minister Manmohan Singh today congratulated Bangladesh economist Muhammad Yunus for winning the Nobel Peace Prize.

Dr Singh said:“Prof Muhammad Yunus was one of my friends and the movement of microcredit that he has launched has important lessons for tackling poverty, particularly the problem of rural poverty. I am happy that world at large has recognised the contribution that Mr Yunus has made in resolving poverty.”

Dr Singh conveyed his appreciation during a press conference here after attending the seventh India-European Summit.

Dhaka: Bangladesh Prime Minister Khaleda Zia today congratulated Mohammad Yunus and his Grameen Bank on winning the Nobel Peace Prize. “This is a much awaited prize,”she said. — AP, UNI

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