The award by the Nobel Committee is recognition of the efforts Muhammad Yunus and his Grameen Bank have devoted in creating economic and social development in Bangladesh and other countries.

A charismatic leader whose objective is to eliminate poverty, Yunus has brought together a vision and practical action that has secured financial assistance for poor people who previously had little opportunity to create their own development.

The Grameen Bank is now operating in many other countries around the world and their continuing efforts to assist the poor are proving a cost effective strategy in eliminating poverty.