Professor Yunus founded the Grameen Bank in 1976 in Bangladesh to combat the corrosive cycle of "low income, low savings & low investment." Through microfinance and collateral-free loans, institutions like the Grameen Bank have empowered women and the rural poor all over the world, with 100 million borrowers and savers. In 2006, the Nobel Peace Prize was awarded in two equal parts to Muhammad Yunus and the Grameen Bank. In addition, Professor Yunus has started Grameen Health and Grameen America, which are committed to human development and providing basic opportunities for all individuals.