The 2006 Nobel Peace Prize Laureate, Dr. Mohammed Yunus, was formally awarded from the Nobel Committee in Oslo on Sunday.
The 66-year-old Bangladeshi economist, often called the banker to the poor, shared the award with his creation, Grameen Bank, for helping people, even beggars, rise above poverty.
In his Nobel lecture, Dr. Yunus said the world must overcome poverty if it ever wants to achieve peace.
 "I believe terrorism cannot be won over by military action. We must address the root causes of terrorism to end it for all time to come. I believe that putting resources into improving the lives of the poor people is a better strategy than spending it on guns."
The Nobel Prizes are usually announced in October and are handed out every year on Dec. 10, the anniversary of the 1896 death of Alfred Nobel, a Swedish industrialist and the inventor of dynamite.
This year's prize carries a cash award of 10 million Swedish kronor (about 1.4 million U.S. dollars), a gold medal and a diploma.
The Nobels, widely regarded as the world's most prestigious accolades in science and literature, have been awarded since 1901.
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Director: Liu Chi