Ovations for the ‘banker to world’s poor’

Nobel laureate Professor Muhammad Yunus (right) with the Mayor of Oldham, Councillor Olwen Chadderton

HUNDREDS of people packed into Oldham Civic Centre to hear words of wisdom from Nobel Prize-winning economist Muhammad Yunus.

Professor Yunus, known as the world’s “banker to the poor”, accepted a last-minute invitation to visit Oldham during a trip to Greater Manchester. The Nobel laureate and social activist spoke to councillors and guests in the council chamber yesterday.

In 2006 he was awarded the Nobel Peace Prize — an honour he shares with Nelson Mandela, Martin Luther King and Aung San Suu Kyi. He also holds the US President’s Gold Medal.

He launched the Grameen Bank in the late 1970s to offer microcredit — providing small loans to poor Bangladeshi villagers to help them buy livestock or fund an enterprise to lift themselves out of poverty. The model has since been copied in developing countries worldwide.

Councillor Abdul Jabbar, Cabinet member for finance, said: “We are delighted that Professor Yunus agreed to come to Oldham. There were around 300 people from all over the North-West; he got three standing ovations because his words were so inspirational.

“He is one of only seven people in history to have received both a Nobel Prize and the US President’s Gold Medal, that is some achievement, so to have him in Oldham is a massive honour.”