National Press Club

Microcredit and Economic Development

November 20, 2006

About This Video

Run time: 45 minutes

Muhammad Yunus, 2006 winner of the Nobel Peace Prize, spoke about economic development in developing countries and the use of micro-loans to alleviate poverty and inspire change in banking practices. He also talked about his experiences that lead to the Nobel Peace Price and the rewards of operating "social businesses." He responded to questions submitted by members of the audience. Mr. Yunus was a Bangladeshi banker and economist. He founded and developed the concept of microcredit, the extension of small loans to entrepreneurs too poor to qualify for traditional bank loans. Mr. Yunus and his Grameen Bank were jointly awarded the 2006 Nobel Peace Prize, "for their efforts to create economic and social development from below."