Nobel laureate Muhammad Yunus who introduced micro-credits in rural Bangladesh - has launched a centre at the Asian Institute of Technology to explore new avenues for tackling poverty in the region.
"If you want to see poor people get out of poverty, you have to change the system," Mr Yunus said yesterday after the official launch of the Yunus Center at the AIT in Pathum Thani province.
The winner of the 2006 Nobel Peace Prize for his pioneering concept of microcredits and this year's winner of the US Presidential Medal of Freedom, has chosen the 50-year-old AIT as his povertyfighting partner.
"We have challenged the financial institutions who do not lend money to the poor," Mr Yunus said of his past successes in introducing micro-credit systems to the rural poor in Bangladesh.
His micro-credit model has become popular in many developing countries.
"This is particularly remarkable at a time when big banks, with lots of collateral and lawyers around them, are collapsing," he said."While micro-credit is working everywhere without collateral,without lawyers and repayments have remained as high as ever."
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