Loosening cocaine's grip on Colombia: Warren Buffet's son Howard has pledged to spend $200 million from his foundation to help one of the South American country's most-dangerous territories turn from coca cultivation to legal crops. APWeekendReads
Tibu has the second largest coca crop in all of Colombia — 28,200 acres , according to the United Nations. Drug production as well as violence has skyrocketed in the area since armed groups filled the void left by retreating rebels who signed a peace deal with the government in 2016.
The plan envisions subsidies and training for farmers as they switch crops, as well as helping them find buyers. It also aims to strengthen infrastructure for local law enforcement. But he’s spent much of his adult life roving the world taking wildlife photos and writing books. He’s also a corn farmer and made headlines in 2017 by briefly serving as the sheriff of Macon County, Illinois, where he lives and his foundation is based.
Buffett began working in Colombia in 2008 helping pop star Shakira set up schools in her hometown of Barranquilla. He’s also funded an army unit removing thousands of landmines strewn across former conflict zones. Leveraging his business contacts, he established a program to help around 100 families in southern Colombia switch from growing coca to producing high-quality coffee for Nespresso.
“We’re accountable mainly to the IRS,” jokes Buffett, who sees setbacks like a venture capitalist who must eat crow before finding wild success.
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