De Beers Contributes BWP 1 Billion to Botswana’s Diamonds for Development Fund
De Beers Group has transferred its first contribution of BWP 1 billion to Botswana’s Diamonds for Development Fund, marking a significant step towards advancing the country’s economic diversification plans and reducing its reliance on the diamond industry.
Established jointly by the Government of Botswana and De Beers, the fund is designed to channel the value generated by the country’s diamond resources into emerging industries, business development, employment opportunities and sustainable long-term economic growth.
The transfer follows the formation of the fund’s governance framework, which includes the appointment of Dr Akinwumi Adesina as chairperson and the establishment of a 10-member independent board.
The initiative is envisioned as a strategic investment platform that will attract further capital from domestic and international investors. Its priorities include economic diversification, industrial expansion, stronger export competitiveness and job creation.
The fund’s immediate focus will be on finalising its strategy and business plan before beginning the implementation of programmes across its selected priority sectors.
Botswana’s Minister of Minerals and Energy, Bogolo Kenewendo, said the initiative would help transform the country’s diamond wealth into sustainable economic benefits. She emphasised the importance of investing in new industries, businesses and capabilities that can support the nation’s future development and prosperity.
De Beers Group CEO Al Cook reaffirmed the company’s commitment to Botswana’s diamond industry and its broader economic transformation. He noted that the fund would create a new mechanism through which diamond revenues could generate sustainable economic opportunities beyond the sector itself.
Dr Adesina described the initial contribution as an important milestone, confirming that the fund would now move towards implementation. He highlighted its role in supporting strategic initiatives aimed at economic diversification, industrialisation, export growth, employment generation and improved prosperity for Botswana’s people.
In September, the fund’s board held its first meetings in Gaborone, where members engaged with government officials, business leaders, financial institutions, academic representatives and development partners to discuss its vision and strategic priorities.
The initial BWP 1 billion contribution establishes the financial foundation for the initiative. Going forward, the fund aims to mobilise additional private, domestic and international investment to accelerate Botswana’s economic development and build new sources of growth beyond diamonds.