Yunus wins Nobel Peace Prize

Bangladeshi microcredit pioneer Muhammad Yunus and his Grameen Bank were awarded the Nobel Peace Prize Friday for their work. A person who truely deserves it.

Being the father of microcredit (very small loans for poor people), his work has contributed to lifting millions out of poverty. Through Yunus's efforts and those of the bank he founded, poor people around the world, especially women, have been able to buy livestock, chickens, tools or other equipment they desperately needed to get ahead. They are able to break free from the poverty trap, educate their children and provide additional value to the community they live in.

I'm not gonna go into what is microcredit and so on, internet is full of information.

I was appalled to read comments on one portal regarding Yunus getting the award. Some said it was a "politically correct decision", some thought "overpopulation must be stopped instead of poverty". I am sad that there is so much ignorance. Somebody said "the last thing that the poor need is a loan!" whereas it might be the first thing they need.

"Lasting peace cannot be achieved unless large population groups find ways in which to break out of poverty," the Nobel Committee said. "Microcredit is one such means. Development from below also serves to advance democracy and human rights."

How right they are.

Overpopulation, infant mortality, health, life expectancy, education, terrorism are largely derived from poverty. In many cases top-down approach has failed and Yunus has demonstrated how microcredit can work. Since Yunus gave out his first loans in 1974, microcredit schemes have spread throughout the developing world and are now considered a key to alleviating poverty and spurring development.

Yunus is an outstanding social entrepreneur who has my utmost respect.