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Nobel Peace Prize for a Formula against Poverty

Today the Bangladeshi banker and economist Muhammad Yunus and the Grameen Bank founded by him are jointly awarded the Nobel Peace Prize, “for their efforts to create economic and social development from below.” With his idea of giving microcredits to entrepreneurs who are too poor to receive traditional bank loans, he has given a concept that has spread to nearly all areas of the world affected by poverty, over 23 countries by now. According to the German “Spiegel” magazine, over 100 million peole have aready got a microcredit. To ensure repayment, the bank uses a system of “solidarity groups”, which apply together for loans and act as co-guarantors of repayment and mutual support in the effort of economic self-advancement.


Yunus is a fervent opponent to traditional development aid: “Poor people are not asking for charity; charity is not a solution for poverty.” And: “Only thing we need to do soon, redesign our institution and policies. People can change their own life provided they got the right kind of institutional support.” His goal is to free humanity from poverty by self-empowering the people: “Poverty in the world is an artificial creation; it does not belong to human civilization. We can change it.”

Intelligent help is a major quality of good will and of practical spirituality in the service of humanity. Muhammad Yunus is an outstanding example for this.

2 Responses to “Nobel Peace Prize for a Formula against Poverty”

  1. Jacques Cedric K. Nsengwa Says:

    I work 8.5 out of the 24hours of the day. I am still poor. Is there anything I can do to improve on my poverty? I welcome books, magazines, newsletters, any other periodicals available to help me. I’m 36 (DoB: 23rd June 1971). Please assist.

    Jacques Cedric K. Nsengwa
    Post Office Box 928
    Central Africa
    Phone: +265 8 871 322 -Mobile

  2. Administrator Says:

    Thank you very much for your blog entry. It’s difficult to say something from a distance (Switzerland), not knowing the local/regional circumstances.
    I have looked up in under: overcoming poverty development magazine Central Africa
    and found a link to: Business in Africa
    As well as to International Trade Forum (with a lot of sections to different topics:
    I hope these links can lead you on to further perspectives in your endeavour to overcome your poverty.

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