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Holder of a Ph.D in economics from Vanderbilt University, Muhammad Yunus established the Grameen Bank in Bangladesh in 1983. The bank made small loans to poor people on terms they could afford so they could help themselves.
Banks founded on the Grameen Bank model of microlending now operate all over the world. The Nobel Foundation recognized Grameen Bank and Mr. Yunus “for their efforts to create economic and social development from below."
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