He received the award in recognition of his commitment to empowering the poor and his success in providing opportunities for women and other marginalised groups in Bangladesh.

His visionary leadership and pioneering initiatives have helped Brac become a large and virtually self-financed institution of today, from a small scale relief operation in 1972.

The UNDP award, instituted in 2000 and presented biennially, recognises the outstanding initiatives in furthering the progress of human development in national, regional and global context.

President Henrique Cardoso of Brazil was the first to receive the award.

Fazle Hasan Abed was nominated by those working on Human Development Reports in over 130 countries around the world.

He was selected by a panel of judges comprising Princess Basma of Jordan, former minister of economy of Venezuela Moises Naim, Executive Chairman of African Development Policy Ownership Initiative and former finance minister of Ghana Dr Kwesi Botchway, and former Iranian minister of State for Women's Affairs Dr Mahnaz Afkhami.

The UNDP Award is a recognition of Brac's three decades of untiring service to the poor and devastated communities, the release added.