Grameen Bank and the Nobel Peace Prize

Grameen Bank is a microfinance bank that was started in 1983 in Bangladesh. Its made the dreams of many impoverished people come true by giving them the freedom to invest the way they want. It works on the principle of using social pressure/ peer-pressure to advocate repayment and smart investing strategies.

Muhammad Yunus started this bank on the basic principle of helping the less fortunate people of Bangladesh. What started out as a very simple and small business has grown into a rather large company. In 2006, the company netted about $20.3 Million. Although this is a sizable amount of profit, the goal of the company has not changed. Helping people can certainly be accomplished while making money. That way, both parties end out ahead.

In 2006, the company and its founder, Muhammad Yunus, jointly received the Nobel Peace Prize “for their efforts to create economic and social development from below.” (according to nobelprize.org)