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 Introduction Africa Business and aid Digital divide Comment page Quiz  • Nobel laureate urges rethink of systems that keep people poor (IHT) • 'Voluntourism' on the rise (CNN) • Global taskforce planned for education in Africa (The Guardian UK) • Money transfer service wows Kenya (BBC) • Biometric cash machines brings joy (BBC) • Ghana holds party for 50th anniversary of independence (BBC) • Darfur tops U.S. list of world's worst rights abuses (CNN) |
 In October, Grameen Bank founder Muhammad Yunus became the second of this year's Principal Voices participants to join one of the globe's most exclusive and revered clubs -- winner of the Nobel Peace Prize. The Bangladeshi economist and social entrepreneur, who is one of the Economic Development Principal Voices, was awarded the 2006 Prize along with the bank he founded for its work in helping millions of people through "micro-credit" finance. Another of this year's Principal Voices, Wangari Maathai, won the 2004 Nobel Peace Prize for her work on sustainable development and human rights. Grameen Bank has assisted huge numbers of poor Bangladeshis, many of them women, by letting them borrow small sums of money to start businesses, despite their possessing none of the collateral needed for a traditional loan. The cash, on average about $200, is spent on things such as cows to start a dairy, chickens for an egg business or mobile phones to start businesses in which villagers who have no access to phones pay a small fee to make calls. Yunus and Grameen were cited by the Nobel committee for their efforts to help "create economic and social development from below" in their country. Yunus -- who will soon produce a White Paper for the Principal Voices site, explaining his ideas in detail -- described the award as "great news" for his impoverished South Asian homeland. The 65-year-old economist said he would use part of his share of the $1.4 million award to create a company that would make low-cost, high-nutrition food for the poor. The rest of his share will go toward setting up an eye hospital for the poor in Bangladesh. "This award will encourage me further to dedicate myself to improving the lives of the poor," Yunus said. "It will be a great source of inspiration for me in my days ahead." Grameen -- which means "rural" in the Bengali language -- charges interest rates which range from 0% for loans to beggars all the way to 20% for loans to businesses that generate income. As an incentive for repayment, recipients are put in groups of five and once two members of the group have borrowed money the other three must wait for the funds to be repaid before they get a loan, encouraging mutual pressure to repay funds. Since Yunus, then a professor of economics, gave out his first loans in 1974, micro-credit schemes have spread throughout the developing world and are now considered a key approach to alleviating poverty and spurring development. What do you think? Well done. The nation is proud of you, sir. Your Nobel winning has began a new era for Bangladesh.....our Bangladesh. Name: Z. Y. Gong Mr. Yunus's program has also provided a hopeful way for lifting the vast quantity of Chinese farmers out of poverty! Name: Sunil Garg He had the dream of fulfilling the needs of the poor. He knew the need because he was one of them. Name: Mazhar Pasha "You will never win fame and fortune unless you invent big ideas", so Muhammad Yunus, I salute his achievements. Name: John Mak Yunus has done the greatest thing that every government should do, but there are too many selfish and shortsighted leaders in this world. Name: Maruf Being a Bangladeshi, I am really proud for him. The World needs leaders like him, to eliminate poverty and send it to museum. According to Dr. Yunus: "Poverty in the world is an artificial creation; it does not belong to human civilization. We can change it." It really is possible to get rid of poverty. Name: Richard Haight Truly action inspiring! I am very interested in getting involved in such a program although I wonder how feasible it would be for the poor in wealthy countries like Japan and America. Hardship is everywhere - what can I do where I am? Name: Sharif Chowdhury Does the world need more people like Yunus? Name: Nelson Gunn Absolutely inspiring, This should be a wake up call to all people in Africa. Thanks Mr Yunus for your sacrifices. Name: N. H. Jernigan I think Yunus has and is doing a merciful action for the poor people, especially women. The inner-group responsibility of borrowing and repaying is ingenious. Name: David R. McIntyre Simple yet powerful! Name: Shawon I love my all Bengalis. We are proud about Muhammad Yunus, because we are Benagali. Our Bengalis have won three Nobel Prizes: Name: Keisha Simone Absolutely wonderful and rightfully commendable. Thank you for highlighting Mr Yunus and his accomplishments. Good news is out there and so are good people. Name: Daniel Kure If only we could have five Yunus in Tanzania. Name: Kumar Great! I would like to implement this in my country, how do I do it ? Could anyone help? Name: Rachel Egbuchunam Very innovative! A deserved win. People should listen and learn. Name: Sabir Arif I learnt about this great person from local paper,although I also learned about him before he became a Nobel Laureate. I recommend the 'the hope of the poor.' Name: Mohammed Abubakar Buba This what we need in our countries. Name: Ahmad Umar We need more like you. Name: Wayo Benjamin Very inspiring. Keep talking! Name: Thomas Kubi Excellent example. |
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Name: Tasmia Tahmid Mishu
Location: Dhaka, Bangladesh