Gates Foundation) have given enormous amounts of money to help fight poverty and disease in the 3rd World. This has directly saved the lives of thousands of children, and prevented suffering of untold others. Their health programs include funding vaccines and improvements in living conditions, where these two factors alone contribute to the death and suffering of millions of children every year.
While I'm not totally sold on the idea of GM foods as yet, the harsh reality is that if the World's population keeps growing at its current rate, we will soon need the crop-yield benefits that GM can deliver or the World will not be able to grow enough food to sustain its population.
Africa is in a particularly bad position, since they are already unable to grow sufficient crops and people already die of dehydration and starvation. Can you imagine the benefits for Africa if wheat or rice could be genetically modified to require 50% less water to grow than it currently does, for example?
There are many reasons to research GM crops other than to improve the bottom line of Monsanto and others, and there are many organisations (such as the CSIRO gene research division) doing such research with incredibly honourable motives.