Banker and economist Muhammad Yunus, who won the Nobel Peace Prize in 2006 for his pioneering work in providing small loans in poor countries, is the recipient of the 2010 Posey Leadership Award from Austin College, the school announced Monday.

Yunus will accept the award Feb. 25 as part of a public lecture at the Eisemann Center in Richardson. Before the lecture, Yunus will share his insights with students, faculty and staff members at the Sherman school during a convocation and luncheon.

"Austin College is fortunate to have the opportunity for its students to be inspired firsthand by one of the world's pre-eminent servant leaders," said Austin College president Marjorie Hass.

Yunus, who is from Bangladesh, pioneered the concept of microcredit – loans for entrepreneurs too poor to qualify for conventional bank lending – and founded the Grameen Bank as part of an effort to fight poverty.

According to a release from Austin College, a number of its students have worked in study-abroad programs at the Grameen Bank headquarters in Bangladesh.

In addition to winning the Nobel Prize, Yunus was one of 16 people to receive the 2009 U.S. Presidential Medal of Freedom

The Posey Leadership Award supports the Austin College mission to promote service and leadership in a global context. The award was created through the generosity of the late Lee Posey, a Dallas-area businessman and philanthropist who supported a number of educational causes.

Tickets for Yunus' lecture will start at $50 and be available starting Nov. 15 at www.eisemanncenter.com.