Nobel peace laureate Muhammad Yunus on Sunday underscored the need for bringing about reforms in the lending strategy of the World Bank and criticized the global lender for failing to eradicate poverty.
Poverty eradication has been major objective of World Bank since its formation 60 years ago, but it has failed to eradicate poverty,' Yunus told reporters after a meeting with World Bank president Robert Zoellick at the Grameen Bank headquarters at Mirpur.
He said that time had come to consider the issues of reconstructing and reforming the World Bank.'
Professor Yunus said that the World Bank should adjust itself to the changes over the decades and it is urgent to bring changes to WB policies.
Yunus, whose micro-credit program brought him and his Grameen Bank Nobel peace prize in 2006, urged Robert Zoellick to enhance the lending ratio for micro-credit ventures.