Professor Muhammad Yunus is a Bangladeshi banker and economist. Formerly a professor of Economics, he is most famous for his successful application of the concept of microcredit, the extension of small loans to entrepreneurs „too poor to qualify for traditional bank loans. He is the founder of Grameen Bank, and he and the bank were jointly awarded the Nobel Peace Prize for their efforts to promote economic and social development of the poor: Indeed, when he started his microcredit project in the village of Jobra near Chittagong University so many years ago, he targeted the profit of two cents each on the loan. Yunus believed that if given the chance the poor would repay \ the borrowed money and microcredit could be a viable business model.