De Beers Group has transferred its initial P1 billion contribution to Botswana’s Diamonds for Development Fund.
The payment follows the establishment of the fund’s governance structures, including the appointment of former African Development Bank president Dr Akinwumi Adesina as chairperson and the onboarding of a 10-member independent board.
The fund was established through a partnership between the Government and De Beers to channel the value generated by the country’s diamond industry into new industries, enterprise development and employment creation. It is intended to serve as a catalytic investment platform, attracting additional domestic and international capital to support economic diversification, industrialisation, export competitiveness and long-term economic resilience. The initial P1 billion contribution provides the financial foundation for the fund as it prepares to mobilise larger pools of private, institutional and international investment. Minister of Minerals and Energy Bogolo Kenewendo said the fund represented a strategic instrument for Botswana’s economic transformation.
De Beers chief executive Al Cook said the company remained committed to supporting Botswana’s economic diversification alongside continued investment in the diamond industry.
“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,” she said. Kenewendo said the initiative could create quality jobs, expand opportunities for Batswana and strengthen the foundations of a more diversified economy. De Beers chief executive Al Cook said the company remained committed to supporting Botswana’s economic diversification alongside continued investment in the diamond industry. “With the Diamonds for Development Fund, we 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,” Cook said. He expressed confidence that the fund could accelerate Botswana’s economic growth and demonstrate how natural resources could be developed responsibly to support broader prosperity.
Adesina said receipt of the initial contribution marked an important milestone and signalled the transition towards implementation. “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.
The fund’s chairperson and board held their first in-country board meetings in Gaborone in September, engaging President Duma Boko, government ministries, business and industry leaders, financial institutions, academia, development partners and members of the diplomatic community.
The fund is now completing its strategy and business plan before rolling out programmes in its priority intervention areas. Its longer-term objective is to transform Botswana’s diamond wealth into productive and sustainable economic resources that can support national development beyond the mining sector.
