Grameen Bank and Muhammad Yunus wins Nobel Peace Prize

Muhammad Yunus and his micro-finance pioneering effort Grameen Bank emerged surprised winners of the prestigious Nobel Peace Prize. The prize worth $1.4 million goes to them for"their efforts to create economic and social development from below" as stated by the Norwegian Nobel committee.

Muhammad Yunus is 66 year old economist popularly known as "Banker of the poor". He said Nobel was the pinnacle of recognition after winning several prizes for his work lending to the poor mainly women.

Grameen bank has been instrumental in helping millions of poor Bangladeshis, many of them women, improvetheir standard of living by letting them borrow small sums to start businesses. Loans go toward buying items such as cows to start a diary, chickens for an egg business or mobile phone where villages have no access to the phone.