Bangladesh Charity Wins $1.5-Million Hilton Prize

A Bangladesh charity that has awarded $5-billion in microloans to people in the developing world has won a $1.5-million prize from the Conrad N. Hilton Foundation, the Los Angeles grant maker has announced.

The 2008 Conrad N. Hilton Humanitarian Prize was given to BRAC, a charity, created in 1972 that works to eliminate poverty in developing countries. In addition to its microloan program — in which people receive small loans to enable them to start or expand businesses — the charity says it has graduated more than 6 million students from its 52,000 primary and pre-primary schools, provided health care to 90 million people, and helped create 8.5 million jobs.

“BRAC’s approach to creating self-sufficient and sustainable programs on a massive scale has blazed a trail for development organizations around the world,” said Steven M. Hilton, the Hilton foundation’s chief executive officer.

The Hilton prize, which the foundation awards each year to an organization that works to alleviate human suffering, will be presented on October 20 in Geneva.