13 October 2006

Grameen Bank Wins Nobel Prize

Well, well, a pleasant surprise.

The Nobel went to the Grameen Bank, which has pioneered micro-credit lending schemes in developing countries, notably Bangladesh. 97% of its clients are women.

As the citation from the Nobel committee shows, they are committed to the broadest possible definition of what societies can do to achieve stability, democracy and peace:

Lasting peace cannot be achieved unless large population groups find ways in which to break out of poverty. Micro-credit is one such means. Development from below also serves to advance democracy and human rights. Muhammad Yunus has shown himself to be a leader who has managed to translate visions into practical action for the benefit of millions of people, not only in Bangladesh, but also in many other countries.

Micro-credit has proved to be an important liberating force in societies where women in particular have to struggle against repressive social and economic conditions. Economic growth and political democracy can not achieve their full potential unless the female half of humanity participates on an equal footing with the male.

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