De Beers has transferred its initial funding to the Diamonds for Development Fund to support Botswana’s long-term economic goals.
The BWP 1 billion ($73.2 million) contribution marks a significant step forward for the organization, the miner said Wednesday. It released the sum following the establishment of the fund’s governance structures, including the appointment of Akinwumi Adesina as chairperson and the launch of its 10-member independent board.
The fund aims to turn Botswana’s diamond wealth into sustainable resources that support economic diversification and long-term national prosperity. It hopes to attract significant domestic and international investment to strengthen the economy, boost productivity and competitiveness, expand exports, and create jobs, it added.
The organization’s chairperson and board of directors held their first meetings in September in Gaborone, Botswana, to outline the organization’s goals. In attendance at the sessions were stakeholders, which included President Duma Boko, government ministries, industry leaders, financial institutions, development partners and the diplomatic community.
The Diamonds for Development Fund is now moving into its next phase. With governance systems in place, it will finalize its strategy and business plan and implement programs in key areas. De Beers’ initial contribution provides a financial base for the organization to draw additional private investment from domestic and international sources, the miner said.
“Botswana’s economic progress since independence has benefited from the discovery and recovery of diamonds over many decades,” said De Beers CEO Al Cook. “We are committed to supporting the government’s ambitions to diversify Botswana’s economy. 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.”
Image: Packets of rough diamonds for sightholders. (Ben Perry/Armoury Films/De Beers)
