Tuesday marks the 20th anniversary of the announcement that Prof Muhammad Yunus and Grameen Bank had jointly won the 2006 Nobel Peace Prize for their efforts to create economic and social development from below through poverty alleviation.
On 13 October 2006, the Norwegian Nobel Committee announced the award, recognising their efforts to create economic and social development from below through poverty alleviation.
The recognition brought global attention to the role of microcredit in empowering people at the grassroots level, particularly women, and creating economic opportunities for those traditionally excluded from the formal financial system, according to a press release issued on Monday.
The work of Prof Yunus and Grameen Bank demonstrated how access to financial services and recognition of people's entrepreneurial potential could contribute to poverty alleviation and social development.
In awarding the Nobel Peace Prize in 2006, the Nobel Committee recognised that poverty is not merely an economic problem. It is deeply connected to human dignity, security and peace. When people are economically deprived and have no opportunity to shape their own lives and futures, frustration and instability can follow.
On the other hand, when people are economically empowered, given the opportunity to take control of their own lives and included in mainstream society, the foundations of peace become stronger.
On 10 December 2006, the Nobel Peace Prize was presented at a ceremony at Oslo City Hall in the presence of members of the Norwegian Royal Family. Prof Yunus received his medal and diploma and delivered the Nobel Lecture. Taslima Begum, a Grameen Bank borrower and member of its Board of Directors, accepted the award on behalf of Grameen Bank.
The Nobel Peace Prize Concert was also held at Oslo Spektrum. The performers included opera singer Monica Yunus, Lionel Richie, Rihanna, opera and jazz singer Renée Fleming, singer Paulina Rubio, Hakim, Mick Hucknall of Simply Red, Yusuf Islam (formerly known as Cat Stevens), and Wynonna Judd.