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Muhammad Yunus Receives Nobel Peace Prize

Filed in archive Microfinance on December 13, 2006

Muhammad Yunus Receives Nobel Peace Prize
Old news that he received the prize, but new news that he gave his acceptance speech in Oslo on the 10th, and a speech in Stockholm today. Here's coverage from the International Herald Tribune.

Nobel Peace Prize winner Muhammad Yunus, whose Grameen Bank has shown that lending money to the poor can be lucrative, said Wednesday fighting poverty should remain a social business, as profit-making motives can derail the mission.

Yunus, a Bangladeshi economist, was honored for his program to lift millions out of poverty through small unsecured loans called microcredit, an idea that has since spread around the world. He told a seminar in Stockholm he welcomed larger organizations to also initiate microcredit systems, but insisted that giving people the chance to become entrepreneurs "should be a human right, not a business."

"There are two ways to go when going into microcredit," Yunus said. "One is the profit-maximizing kind and the other is the social business when you touch people's lives. I see microcredit as a social business. ... If you can do it with women in Bangladesh you can do it anywhere."

You can find an interview with Yunus at the Nobel Foundation page, as well as coverage of the December 10th ceremonies and peace prize lecture.

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Tags: Muhammad  Yunus  social  development  business  social+enterprise  peace+prize  muhammad+yunus 

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