Microfinance pioneer Nobel Laureate Prof. Muhammad Yunus, founder and managing director of Grameen Bank, has been awarded the US Presidential Medal of Freedom for 2009.

Dr. Yunus will receive the medal from President Barack Obama at a special White House ceremony on August 12. Each (recipient) saw an imperfect world and set about improving it, often overcoming great obstacles along the way…Their relentless devotion to breaking down barriers and lifting up their fellow citizens sets a standard to which we all should strive," said President Obama.

The Presidential Medal of Freedom is the highest civilian honour in the United States and recognises those who have made significant contributions to the United States, world peace and culture. Dr. Yunus will join Nelson Mandela, Mother Theresa and Martin Luther King, Jr. when he receives the award on August 12.

The US medal was established by President Harry S. Truman in 1945 to recognise civilians for their efforts during World War II and was reinstated by President John F. Kennedy in 1963 to honour distinguished service by civilians, says News World, a Washington based news agency.