De Beers Transfers BWP 1 Billion to Botswana’s Diamonds for Development Fund

De Beers Group has transferred its initial contribution of BWP 1 billion to Botswana’s Diamonds for Development Fund, marking the start of the fund’s next phase as the country seeks to diversify its economy beyond diamonds.

Established through a partnership between the Government of Botswana and De Beers, the fund aims to channel the country’s diamond wealth into new industries, enterprise development, employment generation and long-term economic resilience.

The disbursement follows the establishment of the fund’s governance structure, including the appointment of Dr Akinwumi Adesina as chairperson and a 10-member independent board.

The fund is being developed as a catalytic investment platform to attract additional domestic and international capital for economic diversification, industrial development, export competitiveness and job creation.

Its next phase will focus on completing its strategy and business plan, followed by the rollout of programmes across identified priority areas.

Botswana’s Minister of Minerals and Energy, Bogolo Kenewendo, said the fund would help convert the country’s diamond resources into lasting economic benefits. “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.

De Beers Group CEO Al Cook said the company remained committed to investing in Botswana’s diamond industry while supporting economic diversification. “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,” he said.

Dr Adesina said the initial contribution marked an important milestone for the fund. “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 board held its first in-country meetings in Gaborone in September, engaging government representatives, business leaders, financial institutions, academia and development partners to outline its vision and priorities.

The initial BWP 1 billion contribution will provide the financial foundation for the fund as it seeks to mobilise larger pools of private, domestic and international investment to support Botswana’s economic development.