Dr. Muhammad Yunus, winner of the 2006 Nobel Peace Prize for his work in microfinance, will discuss his new book, Building Social Business, at 8:15 p.m. Wednesday, August 25, in Presser Hall at Agnes Scott College. The AJC Decatur Book Festival (AJC DBF), Agnes Scott, and The Coca-Cola Company are co-hosting the event, which is free and open to the public.
This is not a ticketed event, and seats are expected to fill fast, so attendees are encouraged to arrive early to secure a spot.
“This is truly a landmark moment in the history of not only the Festival, but also Decatur and Agnes Scott College,” said Daren Wang, Executive Director of the AJC DBF. “We are extremely honored and humbled to host Dr. Yunus.”
The Bangladeshi banker and economist-turned-author is most famously known for developing the concepts of microfinance and microcredit, whereby loans are given to entrepreneurs too poor to qualify for traditional bank loans.
Dr. Yunus realized an institution was needed to lend to those who had nothing, as traditional banks were not interested in making tiny loans at reasonable interest rates to the poor due to high repayment risks. He believed that given the chance the poor will repay the borrowed money and hence microcredit could be a viable business model.
This led to the creation of Grameen Bank, which would make loans to poor Bangladeshis, with a particular focus on women. According to Dr. Yunus’ Wikipedia page, more than 94 percent of Grameen loans have gone to women, who suffer disproportionately from poverty around the world and who are more likely than men to devote their earnings to their families. Dr. Yunus and the bank were jointly awarded the Nobel Peace Prize in 2006 “for their efforts to create economic and social development from below.”
Dr. Elizabeth Kiss, president of Agnes Scott, said, “Dr. Yunus has helped to empower millions of poor people, especially women, around the world. We are so excited that Agnes Scott students, and members of the Decatur and Atlanta communities, will have a chance to meet this living legend.”
Dr. Yunus received the Presidential Medal of Freedom from President Obama in 2009. He is the author of Banker to the Poor and a founding board member of Grameen America and Grameen Foundation.
For more information, visit www.agnesscott.edu.
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