Muhammad Yunus: Together we can put an end to poverty throughout the world

November 15, 2006

Source: St. Mary's University
http://www.smu.ca/newsreleases/2006/11-15-2006.html

More than 500 people flocked to the McNally Theatre Auditorium last evening to hear Muhammad Yunus talk about how everyone can work collectively to end poverty in our world.

Last evening, the University also announced that it will award Yunus with an Honorary Doctorate Degree. The date for this event will soon be announced.

"Together we can make a difference; together we can put an end to poverty throughout the world, for once and for all," he said in his talk.

A huge roar of applause filled the room.

He is the 2006 Nobel Peace Prize Winner and founder of the Grameen Bank in Bangladesh.

Known as the "bank for the poor," the Grameen Bank provides microcredit loans to less fortunate people in society.

Microcredit refers to loans — as low as $20 and normally less than $200 — to poor people who have no collateral or credit history.

The idea is that credit can enable someone to buy necessities in order to start a business.

He started the Grameen Bank in 1983.

Bill and Hillary Clinton as well as Bill and Melinda Gates — all high profile individuals — are the kinds of people becoming interested in the concept and practice of offering poor people microcredit loans.

Yunus is currently in town as a key delegate in the Global Microcredit Summit in Halifax. There are over 2,000 people in Halifax attending the Summit, which wraps up tomorrow evening.

"All the big banks — those established that is — thought I was crazy when I came up with the idea of opening a bank and helping the poor," he said.

"But it worked; we did it," he said.

"There is now a bank that ensures that the poor have access to financing which allows them to obtain goals in life. To me this is not a crazy idea. This is an idea that makes sense. It's an idea that only helps end poverty "

The Honourable Mayann E. Francis (BA ‘72), O.N.S., Lieutenant Governor of Nova Scotia also attended last evening's big event.

The International Activities Department and the Department of Public Affairs were instrumental in organizing last evening’s event.

Saint Mary's University is known for its community outreach projects, both in Canada and around the world. Saint Mary's, founded in 1802, is home to one of Canada's leading business schools, a Science Faculty widely known for its cutting-edge research, a comprehensive and innovative Arts Faculty and a vibrant Faculty of Graduate Studies and Research.

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For More Information:

Paul FitzgeraldPublic Affairs OfficerSaint Mary's University, Public Affairs(902) 420.5514E-mail: paul.fitzgerald@smu.cawww.smu.ca

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