2006 Nobel Peace Prize Winner announced

[maash]

Bangladesh's Muhammad Yunus and the Grameen Bank have been awarded the 2006 Nobel Peace Prize.

Mr Yunus, an economist, 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 winners receive a prize of 10m Swedish kronor ($1.35m, ?730,000).

Mr Yunus, 66, told the BBC Bengali service he was delighted at the news.

"I'm very very happy. It's a great honour for us and for Bangladesh. It's a recognition of our work.

"As a Bangladeshi, I'm proud that we have given something to the world. Our work has now been recognised by the whole world. "

Surprise choice

The winners were revealed by the Nobel committee chairman, Ole Danbolt Mjoes, in Oslo.

Mr Mjoes said Mr Yunus had shown himself to be a leader who had managed to translate visions into practical action for the benefit of millions of people.

He and the bank were being honoured "for their efforts to create economic and social development from below", Mr Mjoes said.

He said the bank's work in creating opportunities for large numbers of people to get out of poverty created the conditions for sustainable peace.

"Development such as this is useful in human rights and democracy," said Mr Mjoes.

The BBC's Lars Bevanger in Oslo says this year's winner caught most there by surprise.

Many commentators had expected an award to someone involved in peace talks, our correspondent says.

He says in awarding this prize to an economist, the Nobel Committee has again shown itself willing to widen the scope of the prestigious prize.

Mr Yunus set up the bank in 1976 with just $27 from his own pocket. Thirty years on, the bank has 6.6 million borrowers, of which 97% are women, according to the Grameen website.

Mr Yunus is expected to pick up the award and prize money during a ceremony in Oslo in December.

http://news.bbc.co.uk/2/hi/europe/6047020.stm

[Toology]

Well, I'm satisifed with anyone but the loudest cow on television (Oprah) winning. It sounds like he definitely deserved it.

[gdodson]

I saw a video last year called "The New Heroes" and he was on it. PBS production.

The bank that he started didn't seem like it could possibly succeed, but it did and now it's huge.