Botswana Mining Review Comprehensive Coverage of the Progress and Achievements in the Mining Sector
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A finite natural resource is being called upon to finance a more enduring economic future. Botswana has secured an initial P1 billion contribution from De Beers Group to seed a fund aimed at building new industries, attracting domestic and international investment and creating jobs that extend the country’s economic prospects beyond diamonds.
The disbursement to the Diamonds for Development Fund marks a key step in the country’s economic diversification agenda, shifting the focus towards building new industries, strengthening export competitiveness and attracting additional domestic and international capital. The Government of Botswana and De Beers Group announced the funding following the establishment of the Fund’s governance structures, including the appointment of former African Development Bank President Akinwumi Adesina as Chairperson and the onboarding of an independent 10 member board.
The Fund is now preparing its strategy and business plan, which will guide investment priorities and the deployment of capital towards opportunities capable of delivering sustainable economic returns. Minister of Minerals and Energy, Bogolo Kenewendo described the Fund as a strategic instrument for Botswana’s economic transformation, with the potential to create quality jobs, broaden opportunities for Batswana and strengthen economic resilience.
De Beers Group Chief Executive Officer, Al Cook said the Fund would help translate Botswana’s diamond wealth into sustainable economic opportunities beyond the diamond industry. In conclusion, Adesina said the initial contribution would pave the way for strategic interventions supporting diversification, industrialisation, export competitiveness and job creation.
