Microcredit pioneers win Nobel Peace Prize

OSLO (AP) — Bangladeshi economist Muhammad Yunus and his Grameen Bank won the Nobel Peace Prize on Friday for their pioneering use of tiny, seemingly insignificant LOANS— microcredit — to lift millions out of poverty.

Through Yunus's efforts and those of the bank he founded, poor people around the world, especially women, have been able to buy cows, a few chickens or the cellphone they desperately needed to get ahead.

The 65-year-old economist said he would use part of his share of the $1.4 million award money to create a company to make low-cost, high-nutrition food for the poor. The rest would go toward setting up an eye hospital for the poor in Bangladesh, he said.

ON DEADLINEBig credit to microcredit pioneers | Video

The food company, to be known as Social Business Enterprise, will sell food for a nominal price, he said.

"Lasting peace cannot be achieved unless large population groups find ways in which to break out of poverty,"    http://usatoday30.usatoday.com/news/world/2006-10-13-norway-nobel_x.htm