Microcredit pioneers win Nobel Peace Prize
Bangladeshi economist Muhammad Yunus and his Grameen Bank won the Nobel Peace Prize on Friday for their pioneering use of tiny, seemingly insignificant loans â microcredit â to lift millions out of poverty.
Through Yunus's efforts and those of the bank he founded, poor people around the world, especially women, have been able to buy cows, a few chickens or the cellphone they desperately needed to get ahead.
The 65-year-old economist said he would use part of his share of the $1.4 million award money 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.