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Tags: microfinance
Categories: Economics & Finance
Born in Bangladesh on June 18, 1940, Muhammad Yunus was teaching economics at Chittagong University when he developed the idea of «micro» loans, a credit system that enabled poor Bangladeshis to borrow small amounts as part of a peer group, ensuring that they would repay. His Grameen Bank established a microfinance model followed all over the world. Yunus won the Nobel Prize for Peace in 2006.
(source: http://www.biography.com/people/muhammad-yunus-218222)
