US-backed project collapsed amid questionable due diligence, worker harm, environmental cost

January 27, 2015 7:30 AM

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US-backed project collapsed amid questionable due diligence, worker harm, environmental cost

In this photo taken Jan. 21, 2015, the Overseas Private Investment Corporation (OPIC) building is seen on New York Avenue NW in Washington. A failed U.S. government-backed plan to produce environmentally friendly energy in one of Africa’s poorest countries was marred by insider connections and questionable planning, an Associated Press investigation found. The federal agency at the center of the deal is one of the government’s biggest secrets and routinely escapes public scrutiny. That agency, the Overseas Private Investment Corporation, approved three loans totaling $217 million to help a company, Buchanan Renewables, convert nonproducing rubber trees into biomass chips that would help power Liberia.(AP Photo/Alex Brandon) (The Associated Press)

In photo taken Dec. 2014, a market in Buchanan, Liberia constructed by Buchanan Renewables – one of the few signs remaining of the company’s presence in the city. Its Liberian biomass project, backed by the U.S. Overseas Private Investment Corporation, collapsed. A failed U.S. government-backed plan...

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