his is not just a personal triumph for the 66-year-old but also for his Grameen Bank Project, which has fought poverty in Bangaldesh for decades through a micro-credit system.
A Fulbright scholar who studied economics at the Vanderbilt University in US and later taught it at Chittagong University, Dr Yunus was deeply affected by the famine that hit Bangladesh in 1974. Wanting do his bit, Dr Yunus realised that very small loans could help people in building up their lives.
His first loan, which was $ 75 from his personal funds, was lent to women in Jobra, a village near Chittagong University. These women, who manufactured bamboo furniture, benefitted greatly from his loan, as traditional banks did not help them.
The Grameen Bank was founded two years later and has, since then, issued more than $ 5.1 billion to 5.3 million borrowers.
Image: Yunus with his supporters in Dhaka on Friday
Also See: India's BIG microfinance revolution
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