The prize, which carries 2.50 lakh US dollars, is designated for the recipient's organisation to honour the extraordinary leadership in the non-profit sector. Abed was selected for his innovative work with Brac in health, education and micro-finance, said a Brac press release.

The prize is administered by Claremont McKenna College, the Kravis Leadership Institute and Marie-Josee and Henry R Kravis. Members of the selection committee include Nobel laureate Amartya Sen and former president of the World Bank James D Wolfensohn.

"Today's outstanding leaders in the not-for-profit arena also possess many of the same skills required of the most effective entrepreneurs in the for-profit business world. The Kravis Prize was established to celebrate their vision, boldness, and determination," Kravis said, adding: "Fazle Abed is such a leader."

Under Abed's leadership, Brac has grown into one of the largest development organisations in the world, reaching more than a 110 million people with a holistic and multifaceted approach to poverty alleviation and empowerment of the poor.

Today, Brac operates major programmes in Micro-finance and income generation, health, education, and social development. Abed has led Brac's expansion across Bangladesh and beyond, recently starting operations in Afghanistan, Sri Lanka, Tanzania, Uganda, and Southern Sudan, the release added.

Abed has been recognised through honorary degrees from renowned institutions as well as national and international awards which include the Ramon Magsaysay Award (1980), UNICEF's Maurice Pate Award (1992), Olof Palme Award (2001), the Gates Award for Global Health (2004) and the UNDP Mahbub ul Haq Award for Outstanding Contribution in Human Development (2004).