De Beers has transferred its initial BWP 1 billion ($73 million) contribution to the Diamonds for Development Fund, marking a major milestone for the initiative designed to support Botswana’s long-term economic diversification.
The disbursement follows the establishment of the fund’s governance structures, including the appointment of Dr Akinwumi Adesina as chairperson and the onboarding of a 10-person independent board.
The fund was established through a partnership between the government of Botswana and De Beers to use diamond wealth to catalyse investment, develop new industries, support enterprise, and create jobs.
The chairperson and board held their first in-country meetings in Gaborone last month, engaging with President Duma Boko, government ministries, business and industry leaders, financial institutions, academia, and development partners.
The fund’s vision is to transform Botswana’s diamond wealth into diversified, productive, and sustainable resources for national development.
“The Diamonds for Development Fund is a strategic instrument for advancing Botswana’s economic transformation.
It is about finding new ways to convert the value of our diamond resources into long-term prosperity and investing in the industries, enterprises and capabilities that will drive the next phase of our nation’s development,” said Botswana minerals and energy minister Bogolo Kenewendo.
De Beers chief executive Al Cook said they are “proud to work with our partners in government to introduce a new vehicle through which diamond revenues can generate sustainable economic opportunities beyond diamonds”.
Adesina said the fund will now move towards implementation.
“We are excited to get going on our work to support strategic intervention areas to drive economic diversification, industrialisation, export competitiveness and the creation of jobs and prosperity for the people of Botswana,” he said.
Mathew Nyaungwa, Editor-In-Chief, Rough & Polished
