Nobel Peace Prize Goes to Asia

Muhammad Yunus of Bangladesh and the bank (Grameen Bank) he started in 1976 with $27 dollars - that’s right, $27 dollars - have won the Nobel Peace Prize for their pioneering work in microfinance. The bank has had some 6.6 million borrowers - 97% of whom are women and the default rate on loans is only 1%. Since Yunus started Grameen Bank, the per capita income in Bangladesh has grown from $280 to $440. Amazing.

It’s a great example of design as well. This guy designed a new financial model as well as a framework for implementation. Microfinance is now used in developing nations around the world -and even in some of the poorest parts of the U.S. (rural Arkansas, for instance).

Well done!!

grameen desrve it. congratulations!

the way he build the bank on the basis of “trust” is truly inspiring. the world need more people like him.