![]() ![]() ![]() Student to Bangladesh, training under Dr. With the encouragement of his professors, Counts became a 1988 Fulbright U.S. Alex Counts, an American undergraduate studying economics at Cornell University, learned of Grameen Bank, and was inspired by Dr. ![]() It has inspired similar funding opportunities in other low-, medium-, and high-income countries around the world. ![]() Since its creation, Grameen Bank has provided $6.5 billion in collateral-free loans to 7.5 million clients in more than 82,000 villages in Bangladesh, with women making up 97% of its loan recipients. Yunus’ education, international experience, and on-the-ground work culminated in the founding of Grameen Bank, a microfinance organization and community development bank. His Fulbright prepared him to return to a newly independent Bangladesh and apply his global perspective to promote social mobility in local villages, while also teaching the next generation of Bangladeshi economists at Chittagong University. Yunus used his Fulbright to complete his doctoral degree in Vanderbilt University’s Graduate Program in Economic Development (GPED). Building on undergraduate and graduate degrees at Dhaka University, Dr. Yunus began his journey towards promoting opportunity for Bangladeshi communities as a 1965 Fulbright Foreign Student, undertaking a Ph.D. Yunus has supported entrepreneurship, alleviated poverty in Bangladeshi communities, and changed the way the world thinks about development economics.īefore microcredit, the Nobel Peace Prize, the United States Presidential Medal of Freedom, and countless other honors, Dr. By providing microloans to groups traditionally excluded from business financing, Dr. Yunus and Grameen Bank in Bangladesh in 1976 by loaning $27 to a group of women to start a bamboo stool business. This method, which provides small business loans to low-income individuals, was first pioneered by Dr. Yunus is a pioneer in the field of microcredit. His real impact, however, is not in the number of awards he has won, but the number of people he has empowered. Muhammad Yunus set out with a simple but radical idea: “The poor themselves can create a poverty-free world - all we have to do is to free them from the chains that we have put around them.” His lifelong dedication to empowering the world’s poor made him one of his generation’s most celebrated economists and the recipient of the 2006 Nobel Peace Prize (jointly awarded with Grameen Bank) “for their efforts to create economic and social development from below.” ![]()
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