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Finance Minister AMA Muhith yesterday praised Nobel laureate Prof Muhammad Yunus for giving microcredit an institutional shape in the country by setting up Grameen Bank.

He said in the past microcredit activities were led by individuals and everything collapsed when they had gone.

“Yunus first set up a system which is not dependent on an individual. The system is now Grameen Bank,” he said speaking at the launch of a report on financial institutions at the secretariat in the capital.

Muhith, however, said despite developing a system Prof Yunus himself has “become Grameen Bank”.

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