The Secretary-General is delighted that the Nobel Peace Prize for 2006 has been awarded to Professor Muhammad Yunus and the Grameen Bank of Bangladesh, pioneers of the microfinance movement and long-standing allies of the United Nations in the cause of development and the empowerment of women.

He notes that, thanks to Professor Yunus and the Grameen Bank, microfinance has proved its value as a way for low-income families to break the vicious circle of poverty, for productive enterprises to grow, and for communities to prosper. They have provided a powerful weapon to help the world reach the Millennium Development Goals, by helping people change their lives for the better -- especially those who need it most.