Nobel laureate Professor Muhammad Yunus has lauded the International Olympic Committee (IOC), saying the Olympic movement has a unique power to promote and energise the spirit among young people.

In his address at the 129th IOC session in Rio de Janeiro on Wednesday, the anti-poverty crusader said the IOC had the capacity to draw the attention of millions of people on the planet to sport in a way that very few others can.

"The sports world has so much power because it draws on the emotion, the excitement, and on all the hopes and aspirations of people," he said, according to the statement published on the official website of the IOC.  

He reiterated how sport has a unique ability to capture the minds of young people and open up their imagination, helping them develop independence, self-confidence, overcome odds and make the impossible possible -- all key attributes for entrepreneurship.

Professor Yunus gave a 45-minute speech which was followed by a question-and-answer session. 15 members of the committee asked questions on all aspects of social orientation of the IOC including on topics of what candidate cities should do, what the Olympic legacy in each city should be, how social business can handle issues of criminality, what retired Olympic athletes should do, etc.

The question-and-answer session lasted nearly 40 minutes, exceeding the 15 minutes originally allotted for that.

IOC President Thomas Bach joked that if he allowed all the questions then the opening session scheduled for August 5 may be delayed, according to a statement from Yunus Centre in Dhaka.

Bach, in his welcome speech, said social business was what connects the world of sport with Professor Yunus's work.

"We are looking forward to getting advice from you how can enhance our cooperation and how we can improve our performance and contribute together to make this world a better place for everybody," said Bach.