Grameen Rejects Mean The American Home "Monster" is held at bay in Bangladesh - but who is going to monitor the micro-creditors? Since when is "empowerment through indebtedness" a solution for poor farming communities?
On 27 July 1998 Muhammad Yunus, managing director of the Grameen Bank of Bangladesh was reported by the BBC to have cancelled the Bank's planned relationship with Monsanto Corporation (often referred to as the American Home Monster" following its announced merger with American Home Products earlier this year). The abandoned arrangement would have given the micro-credit bank U.S.$250,000 to provide loans to poor farmers to buy Monsanto's agro-chemical and biotechnology products. Grameen's capitulation follows a month of intense international pressure that began June 25th when Yunus announced the Monsanto grant together with the Corporation's CSO, Robert Shapiro.