The most famous example of a microfinance institution (MFI) is the Grameen Bank in Bangladesh, which was founded by Nobel Peace Prize winner Muhammud Yunus. In 1976 Yunus,a former economics professor, gave a $27 loan from his own pocket to a group of woman in the village of Jobra. The group’s successful repayment and the positive impact of the loan prompted Yunus to found the Grameen Bank, which in the 30 years since its inception has given out some $6 billion dollars in loans to 7 million borrowers.