The initial funding marks a major milestone in efforts to channel diamond wealth into new industries, job creation and long-term economic resilience.
GABORONE, 21 October 2026 – Botswana’s economic diversification drive has received a major boost following the disbursement of an initial P1 billion contribution by De Beers Group to the Diamonds for Development Fund, strengthening efforts to transform the country’s diamond wealth into sustainable economic opportunities beyond mining.
The contribution marks a significant milestone in the operationalisation of the fund, a joint initiative between the Government of Botswana and De Beers Group aimed at catalysing investment in new industries, supporting enterprise development, creating employment and building a more resilient economy.
The disbursement follows the establishment of the fund’s governance structures, including the appointment of Dr Akinwumi Adesina as chairperson and the appointment and onboarding of a 10-member independent board.
With its leadership and governance structures in place, the fund is now moving into its next phase, which will focus on completing its strategy and business plan and rolling out programmes in strategic intervention areas.
The P1 billion contribution is expected to provide an initial financial foundation for the fund as it seeks to mobilise larger pools of domestic and international capital to support Botswana’s economic transformation.
Minister of Minerals and Energy, Bogolo Kenewendo, said the fund represented a strategic instrument for converting the value of the country’s diamond resources into long-term prosperity.
“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,” Kenewendo said.
She added that the initiative could help create quality jobs, expand opportunities for Batswana and strengthen the foundations of a more diversified and resilient economy.
The fund is intended to serve as a catalytic investment platform, attracting and mobilising significant domestic and international capital to improve productivity, strengthen competitiveness, expand exports and support job creation.
Its establishment comes as Botswana seeks to reduce its dependence on diamonds by developing alternative economic sectors capable of sustaining growth, investment and employment over the long term.
De Beers Group chief executive officer Al Cook said the company remained committed to supporting the future of Botswana’s diamond industry while working with the government to advance its economic diversification ambitions.
“Botswana’s economic progress since independence has benefited from the discovery and recovery of diamonds over many decades. We will continue to invest to ensure the future success of Botswana’s diamond industry. At the same time, we are committed to supporting the Government’s ambitions to diversify Botswana’s economy,” Cook said.
He said the fund would provide a new mechanism through which diamond revenues could generate sustainable economic opportunities beyond the diamond sector.
Cook expressed confidence that the fund, backed by an independent board and significant initial funding, could accelerate Botswana’s future economic growth and demonstrate responsible natural resource development.
Meanwhile, Dr Adesina said the receipt of the initial contribution marked an important step towards implementation, enabling the fund to advance its work in areas with the potential to drive industrialisation, improve export competitiveness and create jobs.
“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,” Adesina said.
The fund’s leadership previously held its first in-country board meetings in Gaborone in September, engaging with key stakeholders, including President Duma Boko, government ministries, business and industry leaders, financial institutions, academia, development partners and the diplomatic community.
Those engagements were aimed at sharing the fund’s vision and building partnerships to support its mandate.
The Diamonds for Development Fund seeks to transform Botswana’s diamond wealth into diversified, productive and sustainable resources that advance national development and improve the long-term prosperity of its people.
The P1 billion contribution represents an important step in moving that ambition towards implementation. Its broader impact will depend on the fund’s ability to attract additional investment, identify commercially viable opportunities and support initiatives that deliver measurable economic benefits for Botswana.
As the fund enters its implementation phase, attention will turn to how effectively it can translate its financial resources and strategic mandate into new industries, stronger businesses, expanded exports and sustainable employment.
