Bangladeshi Nobel Peace Prize winner Muhammad Yunus will receive the Olympic Laurel at the Tokyo Games, the second time the trophy has been awarded, the International Olympic Committee said Thursday.

Nobel Peace Prize awardee Muhammad Yunus of Bangladesh will become the second recipient of the Olympic Laurel when he receives the trophy during the opening ceremony of the Tokyo Games on July 23. Muhammad Yunus, who is often referred to as the "world's banker to the poor", receives the Olympic Laurel award for his extensive work in sport for development, including founding the Yunus Sports Hub, a global social business network that creates solutions through sport.

Muhammad Yunus, whose pioneering micro-lender has been hailed for cutting poverty across the globe, will be honoured for "his extensive work in sport for development", the International Olympic Committee said in a statement. He founded the Grameen Bank in the 1980s and shared the Nobel Prize with the micro-lender. His initiatives include the Yunus Sports Hub, a network of social enterprises that promote development through sports.

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