Nobel laureate lauded as advocate for world's poor

By Neil Offen

noffen@heraldsun.com; 419-6646

DURHAM -- It's not Oprah (again).

It is a Nobel Peace Prize winner (but not that one).

Duke University's commencement speaker May 15 will be Muhammad Yunus, the economist and creator of the concept of microfinancing.

While not nearly as well known as last year's Duke speaker -- Winfrey -- or President Obama, Yunus is a renowned advocate for poor people across the world. A Bangladeshi banker and professor, he founded the Grameen Bank, which provides loans on suitable terms to the impoverished and teaches poor people sound financial principles so they can help pull themselves out of poverty.

Still, his name is not that widely known, at least among Duke students.

"The name sounds vaguely familiar," said Duke freshman Nathaniel Berger as he squeezed his eyes and looked skyward. "I'm sure I've heard the name, somewhere, but I just can't place it."

A random survey Friday of five students walking around Duke's East Campus found that none of them could identify Yunus. Some Duke students, however, were thrilled with the choice.

Catalina Blanco, a Duke senior from Bogota, Colombia, who was part of a group of students who advised Duke President Richard Brodhead on the selection of the commencement speaker, said Yunus "was one of the people we were rooting for. I think that he stood out to all of us."

In a statement Friday announcing the selection, Brodhead lavished praise on Yunus.

"Recognizing that entrepreneurship is a fundamental human gift, Muhammad Yunus has created a viable business model for the world's poor, using his academic training to unleash human potential around the globe," Brodhead said. "He will give our graduates an inspiring example of education's far-reaching power."

Yunush and Grameen Bank, which today has more than 2,500 branches in 83,343 villages around the world, were jointly awarded the Nobel Peace Prize in 2006 "for their efforts to create economic and social development from below."

In addition to the Nobel Peace Prize, Obama awarded Yunus the 2009 Presidential Medal of Freedom, the United States' highest civilian honor.

The 69-year-old Yunus, who will receive an honorary degree from Duke during the commencement ceremonies, serves on the board of directors of the United Nations Foundation, a public charity created in 1998 with entrepreneur and philanthropist Ted Turner's historic $1 billion gift to support U.N. causes and activities.

He is also a founding board member of Grameen America, a microfinance nonprofit organization that provides loans, savings programs, credit establishment and other financial services to entrepreneurs living below the poverty line in the United States.