Following the pioneering work of Akhter Hameed Khan on rural development at Bangladesh Academy for Rural Development, several NGOs in Bangladesh including BRAC (the world's largest NGO), and Grameen Bank, focused on rural development and poverty alleviation in the country. Muhammad Yunus successfully pioneered microfinance as a sustainable tool for poverty alleviation and others followed suit. As of 2015, the country had over 35 million microcredit borrowers. In recognition of their tangible contribution to poverty alleviation, Muhammad Yunus and Grameen Bank were jointly awarded the Nobel Peace Prize in 2006.