Global Leadership Awards La Pietra Coalition
Dr. Muhammad Yunus, founder and managing director of Grameen Bank and Nobel Peace Prize laureate, has been instrumental in lifting people worldwide out of poverty with the pioneering use of microcredit —supporting income generating activities by lending small amounts without collateral to the poor.
Dr. Yunus received his B.A. and M.A. in Economics at Dhaka University in Bangladesh. A Fulbright scholar, he earned his Ph.D. in Economics from Vanderbilt University, and became an Assistant Professor of Economics at Middle Tennessee State University in 1969. Inspired by an independent Bangladesh emerging in 1971, he
returned to join the Economics Department of University of Chittagong.
His active involvement in poverty reduction, spurred by the famine of 1974, led to the establishment of the Rural Economics Program. Despite the lending practices of the time, which either preyed upon or simply ignored the poor, Dr. Yunus strongly believed that given the chance, the poor would repay borrowed money, put it to good use and even rise out of poverty.
What started as Dr. Yunus’ own small business loans to Bangladeshi villagers grew into the fullfledged Grameen Bank (which means Village Bank). Grameen Bank now has 7.93 million borrowers, 97% of whom are women, and has lent over $8.26 billion with a near 100% repayment rate.
Dr. Yunus has founded several other companies in Bangladesh to abate poverty and aid development, including mobile phone se