The Norwegian Nobel Committee decided to award the prize to Muhammad Yunus (pictured left) and the Grameen Bank for their efforts through microcredit to create economic and social development from below. In the 2006 award, the Committee said the following:

"Muhammad Yunus has shown himself to be a leader who has managed to translate visions into practical action for the benefit of millions of people, not only in Bangladesh, but also in many other countries. Loans to poor people without any financial security had appeared to be an impossible idea. From modest beginnings three decades ago, Yunus has, first and foremost through Grameen Bank, developed micro-credit into an ever more important instrument in the struggle against poverty."