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World News

'Banker to the Poor' receives Nobel prize

The Nobel Peace Prize was awarded Oct. 13 to Muhammad Yunus of Bangladesh and the Grameen Bank, which offers loans to poor people without any financial security. Yunus, dubbed "Banker to the Poor," is seen as one of the main developers of the concept of "microcredit," which gives entrepreneurs who are too poor to qualify for traditional bank loans very small sums to start up their own enterprises. (AFP-Jiji)

Shukan ST: Oct. 27, 2006

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World News 'Banker to the Poor' receives Nobel prize The Nobel Peace Prize was awarded Oct. 13 to Muhammad Yunus of Bangladesh and the Grameen Bank, which offers loans to poor people without any financial security. Yunus, dubbed "Banker to the Poor," is seen as one of the main developers of the concept of "microcredit," which gives entrepreneurs who are too poor to qualify for traditional bank loans very small sums to start up their own enterprises. (AFP-Jiji) Shukan ST: Oct. 27, 2006 (C) All rights reserved