Loving the San Francisco Bay Area... Community development, urban ministry, trying to defeat poverty, faith, religion, politics, good music, the quest for the perfect pizza, the Yankees, motorcycles... All in a 'day's life'

Friday, October 13, 2006

Micro-Credit Pioneers Recieve Nobel Peace Prize

Bangladeshi microcredit pioneer Muhammad Yunus and his Grameen Bank won the Nobel Peace Prize on Friday for advancing economic and social opportunities for the poor that has helped millions lift themselves from crushing poverty.

In awarding them the prize, the Nobel Committee said their efforts showed how working to eliminate poverty can result in a lasting peace.

"Lasting peace cannot be achieved unless large population groups find ways in which to break out of poverty," the committee said in its citation. "Microcredit is one such means. Development from below also serves to advance democracy and human rights."

Read the entire article here.

1 comment:

  1. Anonymous6:37 AM

    what about the impact of his 20% interest on his loans as opposed to interest rates 5% lower in the same area. This story also speaks about their having to take out other higherpriced loans because of 'social pressure' to pay the loans back.

    i wonder if this Prize recipient was totally thought out.