–Compiled by the staff of DemocraciaParticipativa.net–

Muhammad Yunus, Ph.D. (born June 28, 1940), is a Bangladeshi banker and economist. What this man has invented that excites so much interest is something called micro-credit. It is both terribly simple and, in the field of development and aid, completely revolutionary. Rather than donating billions to help large infrastructure ventures, Yunus gives loans of as little as 200 US dollars to the destitute. The concept of microcredit is the extension of small loans to entrepreneurs too poor to qualify for traditional bank loans. Yunus is also the founder of Grameen Bank.

In 2006, Yunus and the bank were jointly awarded the Nobel Peace Prize, "for their efforts to create economic and social development from below."  He is the first and so far only Bangladeshi to win the prestigious award. The award also marked a shift away from the conventions by awarding it to someone who worked to promote peace indirectly through economic upliftment of the masses.

Yunus himself has received several other international honors, including the Ramon Magsaysay Award, the World Food Prize and the Sydney Peace Prize. He is the author of "Banker to the Poor" and a founding board member of Grameen Foundation.

The Nobel Peace Prize announcement read:

    The Norwegian Nobel Committee has decided to award the Nobel Peace Prize for 2006, divided into two equal parts, to Muhammad Yunus and Grameen Bank for their efforts to create economic and social development from below. 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.

The 65-year-old economist said he would use part of his share of the US$1.4 million award 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. The food company, to be known as Social Business Enterprise, will sell food for a nominal price.