Yunus, dubbed "Banker to the Poor," began fighting poverty during a 1974 famine in Bangladesh. He set up a small bank, Grameen Bank, to give them access to credit.

Yunus is the developer and founder of the concept of "microcredit" for entrepreneurs too poor to qualify for traditional bank loans.

The Bangladeshi who established a bank for the poor has been named winner of the eighth Seoul Peace Prize.

The biennial prize of 200,000 dollars, awarded to Muhammad Yunus, honours peace efforts by politicians, academics, activists and international organizations.

"His tireless endeavor to root out poverty and create a new model of giving credit to the poor will bear fruit in terms of greater peace in the world," the Seoul Prize Cultural Foundation said.

 

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Source: http://asia.news.yahoo.com/060906/afp/060906061633asiapacificnews.html