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Nobel for anti-poverty pioneers Nobel for anti-poverty pioneers
(20 minutes later)
Muhammad Yunus and the Grameen Bank have been awarded the 2006 Nobel Peace Prize, it has been announced.Muhammad Yunus and the Grameen Bank have been awarded the 2006 Nobel Peace Prize, it has been announced.
Mr Yunus, a Bangladeshi, founded the bank, which is one of the pioneers of micro-credit lending schemes for the poor in Bangladesh.Mr Yunus, a Bangladeshi, founded the bank, which is one of the pioneers of micro-credit lending schemes for the poor in Bangladesh.
The bank is renowned for lending money to the least well off, especially women, so that they can launch their own businesses.The bank is renowned for lending money to the least well off, especially women, so that they can launch their own businesses.
The winners will receive a prize of 10m Swedish kronor ($1.07m, £730,000).The winners will receive a prize of 10m Swedish kronor ($1.07m, £730,000).
The announcement was made in Oslo by the Nobel committee chairman, Ole Danbolt Mjoes.
He said Mr Yunus and the Grameen Bank were being honoured "for their work [in] social and democratic development".
"Sustainable peace cannot be given [unless] large numbers of people have been given the opportunity to get out of poverty. Development such as this is useful in human rights and democracy."
The BBC's world affairs correspondent Mike Wooldridge says the winners were a complete surprise, as recent Nobel Peace Prize winners have been.
He says Mr Yunus is seen as someone who has done a great deal in Bangladesh and whose work is a model for other countries to tackle poverty.