WRONG Prize to a VERY NOBLE Person

The Nobel Peace Prize for 2006

Prof. Muhammad Yunus

BANKER TO THE POOR

OSLO, Norway (AP) -- Bangladeshi microcredit pioneer Muhammad Yunus and his Grameen Bank were awarded the Nobel Peace Prize on Friday for their work in advancing economic and social opportunities for the poor, particularly women. The economist and the bank he founded will share the prize. They were cited for their efforts to help "create economic and social development from below" in their home country by using innovative economic programs such as microcredit lending.

Grameen Bank has been instrumental in helping millions of poor Bangladeshis, many of them women, improve their standard of living by letting them borrow small sums to start businesses. Loans go toward buying items such as cows to start a dairy, chickens for an egg business, or mobile phones to start businesses where villagers who have no access to phones pay a small fee to make calls.

"Every single individual on earth has both the potential and the right to live a decent life. Across cultures and civilizations, Yunus and Grameen Bank have shown that even the poorest of the poor can work to bring about their own development," the Nobel Committee said in its citation.

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Microcredit is the extension of small loans, typically US$50 to US$100, to entrepreneurs too poor to qualify for traditional bank loans.

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In its citation, the committee noted that "economic growth and political democracy can not achieve their full potential unless the female half of humanity participates on an equal footing with the male," the committee said.

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The 65-year-old economist said he would use part of his share of the 10 million kronor ($1.4 million) award money to create a company that would make low-cost, high-nutrition food for the poor. The rest of his share would go toward setting up an eye hospital for the poor in Bangladesh, he told reporters. (Bankers to poor win peace Nobel)
The food company, to be known as Social Business Enterprise, will sell food for a nominal price and be a "no loss, no dividend" firm, he said, without elaborating.

SHOULD HAVE BEEN AWARDED

THE ECONOMICS PRIZE INSTEAD.