Congratulations, Dr. Yunus! August 10, 2009

It was exciting, although not entirely surprising, for us to hear that Muhammad Yunus, one of the most respected leaders in anti-poverty efforts today, will be awarded the Presidential Medal of Freedom by President Obama at an award ceremony on Wednesday, August 12. He will join the list of individuals such as Tony Blair and Muhammad Ali, who have made especially meritorious contribution to the security or national interests of the United States, world peace, cultural or other significant public or private endeavors.

Dr. Yunus is one of the 16 recipients of the 2009 Presidential Medal of Freedom, America’s highest civilian honor.

Dr. Yunus,  a Bangladeshi economist by training, is the recipiant of the 2006 Nobel Peace Prize for his work with the Grameen Bank, for their efforts to “create economic and social development from below”. The Grameen Bank is a microfinance organization and community development bank that makes small loans, or microcredit, to the impoverished without requiring collateral.

As of October 2007, the total borrowers of the bank number 7.34 million, and 97% of those are women. The Bank has a staff of over 24,703 employees and 2,468 branches covering 80,257 villages. Since its inception, the bank has distributed Tk 347.75 billion (USD 6.55 billion) in loans. The fundamental philosophy behind microloans, is that they empower people to support themselves through entrepreneur activities, and ultimately transform their lives, their village, and their greater economy. Organizations such as Microcredit Foundation of India, and websites such as Kiva are working to change lives of millions of people everyday, one small loan at a time.

Read Grameen Foundation’s news release here. Congratulations again, Dr. Yunnus!