Author(s):
Sam Daley-Harris

"The Norwegian Nobel Committee has decided to award the Nobel Peace Prize for 2006…to Muhammad Yunus and Grameen Bank for their efforts to create economic and social development from below. Lasting peace can not be achieved unless large population groups find ways in which to break out of poverty. Microcredit is one such means. Development from below also serves to advance democracy and human rights." -Norwegian Nobel Committee, October 2006

With these words, 2006 became a breakthrough year for the microfinance movement. The announcement that the Nobel Peace Prize would be awarded to Muhammad Yunus and the Grameen Bank was a profound moment for Professor Yunus, the Grameen Bank, the microfinance industry, and for the global effort to end poverty. Arguably the world’s most prestigious award, the Nobel Peace Prize celebrated a revolutionary effort to provide some of the poorest people on the planet with both the financial and non-financial tools they need to create a dignified route out of poverty. It was groundbreaking that the Norwegian Nobel Committee recognized this institution, and by extension, this industry, as a key link to peace...