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Learning English - Words in the News 13 October, 2006 - Published 11:43 GMT Nobel prize for anti-poverty work | ||||||||||||
The Nobel peace prize has been jointly awarded to Professor Muhammad Yunus from Bangladesh and the Grameen Bank he started. The prize was given for their work in lending very small amounts of money to poor people to set up businesses, especially women in the countryside. Lars Bevanger reports from Oslo: This year's Nobel Peace Prize has been awarded in Oslo to the Bangladeshi banker Muhammad Yunus and the Grameen Bank. Announcing the winner, the chairman of the Norwegian Nobel Committee said Muhammad Yunus had shown himself to be a leader who had managed to translate visions into practical action for the benefit of millions of people. Mr Yunus is credited as the founder of the concept of 'micro credit', which is the extension of small loans to entrepreneurs too poor to qualify for traditional bank loans. The award came as a surprise to many here who had tipped someone involved in peace talks as winner this year. Mr Yunus himself told national Norwegian television he was delighted with the prize soon after the announcement was made. The winner is expected to receive the award and 1.4 million dollars in prize money during a ceremony here in December. Lars Bevanger, BBC News, Oslo Committee to translate visions into practical action credited as the founder the extension of small loans entrepreneurs qualify for tipped |
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