Economist Muhammad Yunus ... received the Nobel Peace Prize on Sunday for his efforts to relieve poverty as a cornerstone for building peace. Yunus, 66, often called the banker to the poor, shared the coveted award with his creation, Grameen Bank, for helping people, even beggars, rise above poverty by giving them microcredit - small, usually unsecured loans. The Bangladeshi economist is the developer and founder of the concept of microcredit. In his Nobel lecture Yunus said the world must overcome poverty if it ever wants to achieve peace. We must address the root causes of terrorism to end it for all time to come. I believe that putting resources into improving the lives of the poor people is a better strategy than spending it on guns," he said. Grameen Bank, set up in 1983, was the first lender to provide microcredit, giving very small loans to poor Bangladeshis who did not qualify for loans from conventional banks. No collateral is needed, and repayment is based on an honour system, with nearly a 100 percent repayment rate. Yunus said the idea has spread around the world, with similar programmes in almost every country. "Grameen Bank gives loans to nearly seven million poor people, 97 per cent of them are women, in 73,000 villages in Bangladesh," said Yunus. Villagers, many of whom have benefited from Grameen Bank's small-loan programs [watched the Nobel ceremony] in groups at local shops. "We are so happy, wish we could all have gone there," said Samida Begum, talking by telephone from Kelia village. Begum runs a phone call shop started with a Grameen Bank loan almost 18 years ago. Her family also owns a poultry shop started with a loan from Grameen.