US loans fueled insider deal, failed power plan in Liberia

(By RONNIE GREENE and JONATHAN PAYE-LAYLEH)

BUCHANAN, Liberia — The auburn-red soil and lush green vegetation lured the foreign investors to Liberia's third-largest city with visions of environmental gold.

They formed a company, Buchanan Renewables, and set anchor, crafting a plan to convert swaths of rubber trees into biomass chips that would power the impoverished nation and fuel their own profits.

The Overseas Private Investment Corporation, a little known U.S. government agency 4,700 miles away, backed the venture with $217 million in loan approvals from 2008 to 2011. READ MORE OF THIS STORY

(Visited 33 times, 1 visits today)

Be the first to comment

Leave a Reply

Your email address will not be published.


*