2007-9-14

------ Banker Won 2006 Nobel Peace Prize, Rural Bank Benefit the Poor

Muhammad Yunus signaled and saluted at his door to the people who came to congratulate.

In Bangladesh in 1976, a doctor of economics graduated from America was deeply shocked by the destitute villagers deprived by the usury merchants, and begun to engage in micro credit businesses. In the last 30 years, millions of farmers have cast off poverty with the aid from Grameen Bank he opened. The success of such a poverty support mode is replicated worldwide and benefits numerous people. On October 13, the notable Nobel Peace Prize was granted to Grameen Bank and its founder Muhammad Yunus, which surprised but convinced the media's prediction.

Nobel Peace Prize unexpectedly goes to economist

It is said on the Nobel Prize official website, at 11 a.m. October 13 of local time (Beijing Time 5 p.m. October 13), the Nobel Peace Prize Evaluation Committee of The Royal Swedish Academy of Sciences RSAS granted the Peace Prize to Muhammad Yunus and Grameen Bank he founded, so as to commend their "efforts in contributing to economic and social development for the lower level people". The winners were awarded a prize of SEK10 million (USUS$1.37 million).

Upon hearing the news of winning the prize, Yunus said to the Norway Television,"it's good news to us, to Grameen Bank, to all the poor countries and the poor people."Before this, Yunus had won a few awards and commendation. Last month he had just won the 8th Seoul Peace Prize, while Nobel Peace Prize is undoubtedly the highest honor to him."This prize is the utmost award, so special and as high as the sky." he said.

66-year-old Yunus was ever engaged in economics research in Vanderbilt University, Tennessee State, USA, then returned to Bangladesh to start operating banking business. Now he is also teaching Economics of University of Chittagong of Bangladesh. As double identities of banker and economist, he is the first dark horse winning Nobel Peace Prize in history.

However, the evaluation committee had their own reason, "We won't maintain permanent peace unless we find a way combating poverty. And micro credit does help. The maneuver of the lower public will facilitate promoting democracy and human right."The committee also noted, the performances of Yunus and his bank indicated that even the poorest of the poor could still achieve self-development.

Rural bank of 30-year history benefits numerous poor people.

Yunus ever talked of his reason to open Grameen Bank in an interview in 2004, "My major is economics, and my dream is to make people live better material life. So I often ask myself, what benefit we've got from the subjects I instructed in class?" What I teach is pure theory of economics, but what I see out of the class is the suffering and misery of people and the impoverished country as well. That's why since 1975 I've decided to go to villages and the people.

In 1976, Yunus happened to meet a destitute woman weaving bamboo stool, who was exploited by the usury merchant and earned no more than two cents. Then he took US$27 and lent to 42 women with the same economic background. He wished they could cast off the destiny of labor power exchange with these money. In the same year "Grameen Bank" was founded, and was approved for registration by the authority in 1983, which is universally regarded as the first global micro credit organization.

Today Grameen Bank has maintained a nine-year profit record taking full consideration of public welfare and efficiency. Relying on such micro credit without any collateral, 58% individuals and families among 6.39 million borrowers have successfully pulled out of poverty. Via Grameen Credit Company,"Grameen Bank"has reproduced his mode all over the world, including China. Currently Grameen Credit has launched 16 programs, offering US$1.63 million credits (RMB13.04 million) to 5,350,000 people.

Prof. Yunus said in an interview in September, 96% among 6.39 million borrowers are women. Washington Post pointed out in the news of September 13, counting on such "liberation power"of micro credit, the poor females in Bangladesh were the biggest beneficiary, because traditional banks often refused to grant micro credit to economically un-guaranteed poor people. Moreover, Grameen Bank also provided scholarship to 280,000 poor students annually, and 120,000 students had completed higher education with the aid of education credits.

Nobel Peace Prize imposes more pressure on Yunus, the so-called "Banker for the Poor". He said, it was good news to me and my country, but represented more responsibilities on our shoulder. Bangladesh must eliminate domestic poverty and contribute more to eradicate poverty worldwide. The battle combating world poverty will further upgrade, and in most countries, the fight will be carried out via micro credit. There mustn't be any poverty wherever it is.

Yunus wished, the rest 42% borrowers still in poverty would cast off poverty within 10 years. "It's our goal in 2015." This October Yunus will come to Beijing and discuss with Chinese experts how to copy "Grameen Mode" in poor villages in China.