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The Falcone Center for Entrepreneurship at Syracuse University

Friday, October 13, 2006

Article: Microloan Pioneer and His Bank Win Nobel Peace Prize

Within the last year, Syracuse University has worked to create a microcredit loan program in Syracuse. This type of loan was begun and popularized by Muhammad Yunus. Now Mr. Yunus has won the Nobel Peace Prize. The New Yotk Times states:
Bangladeshi economist Muhammad Yunus and his Grameen Bank won the Nobel Peace Prize...for their pioneering use of tiny, seemingly insignificant loans -- microcredit -- to lift millions out of poverty.
In a press release from the Norwegian Nobel Institute, which awards the Nobel Peace Prize, they say:
Micro-credit has proved to be an important liberating force in societies where women in particular have to struggle against repressive social and economic conditions. 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.
Congratulations to Mr. Yunus and the Grameen Bank! His work and truly been felt around the world.


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