It also created the Grameen Fisheries Foundation to encourage the development of aquaculture and the Grameen Agriculture Foundation, which supplies poor farmers with operating capital. Dr. Yunus earned his Ph.D. in economics from Vanderbilt University. He served as deputy chief of the Government of Bangladesh's General Economic Division and taught at the Chittagong University. While at Chittagong in the 1970s, he initiated his system of micro-loans. The concept emerged from his desire to give money from his own pocket to help the poorest of his society begin productive lives.
Lending is based on trust, thus there is no legal instrument between the lender and the borrower.
In 1970 Dr. Norman E. Borlaug received the Nobel Peace Prize for his success in increasing global food production and combating world hunger. Dr. Borlaug's scientific know-how and commitment to the poor and hungry have led to the improvement of food security for hundreds of millions of people of the developing world. His devotion to wheat improvement made him a pivotal participant in the green revolution. He has also received recognition from universities and organizations throughout the world. In Mexico, a street is named for him.