Yunus, Muhammad

caption Muhammad Yunus.

Muhammad Yunus (1940-) is a Bangladeshi economist and founder of the Grameen Bank, meaning 'village bank.' Grameen Bank is founded on the principles of trust and solidarity and is known for introducing 'micro-loans' to the rural poor in Bangladesh. Of the borrowers, 94% are women and over 98% of the loans are paid back, a recovery rate higher than any other banking system. One of the spin-off companies was Grameen Shakti/Energy, a not-for-profit rural power company whose purpose is to supply renewable energy to villages in Bangladesh lacking electricity. Projects supported by Grameen Shakti supplies renewable energy services that also create employment and income-generation opportunities in rural Bangladesh. Yanus was awarded the 2006 Nobel Prize for Peace

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Citation

Cleveland, C. (2008). Yunus, Muhammad. Retrieved from http://www.eoearth.org/view/article/157203

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