Monday, November 06, 2006

Congratulations to Muhammad Yunus

Muhammad Yunus was awarded the 2006 Nobel Peace Prize, along with Grameen Bank, for "their efforts to create economic and social development from below." He is the first and so far only Bangladeshi to win the prestigious award. The award also marked a shift away from the conventions by awarding it to someone who worked to promote peace indirectly through economic upliftment of the masses.

The announcement read:

"The Norwegian Nobel Committee has decided to award the Nobel Peace Prize for 2006, divided into two equal parts, to Muhammad Yunus and Grameen Bank for their efforts to create economic and social development from below. Lasting peace cannot be achieved unless large population groups find ways in which to break out of poverty. Micro-credit is one such means. Development from below also serves to advance democracy and human rights."

The 65-year-old economist said he would use part of his share of the $1.4 million award to create a company to make low-cost, high-nutrition food for the poor. The rest would go toward setting up an eye hospital for the poor in Bangladesh, he said. The food company, to be known as Social Business Enterprise, will sell food for a nominal price.