Dhaka: Nobel Peace Prize winner economist Dr Muhammad Yunus is set to receive the Congressional Gold Medal, an award bestowed on him by the United States Congress on April 17.

In a joint briefing by US Parliament Speaker John Boehner and Democratic-Republican Party Senators disclosed the matter to media.

Dr Yunus has been nominated for the award for his outstanding role in global battle against poverty, said the US Congressional leaders during the briefing.

Dr Yunus was awarded with Presidium Model of Freedom, the highest US civilian honor.

Yunus is a Bangladeshi banker, economist and Nobel Peace Prize recipient. He previously was a teacher of economics where he developed the concepts of microcredit and microfinance.

These loans are given to entrepreneurs too poor to qualify for traditional bank loans.

In 2006 Yunus and Grameen Bank received the Nobel Peace Prize "for their efforts through microcredit to create economic and social development from below".

He also received several other national and international honors.

Ends/AMA/08/03/13