Botswana launches one-billion-pula diversification fund
By the AFREEQUE newsroom, based on Weekendpost
The Diamonds for Development Fund has received an initial one-billion-pula contribution from De Beers to diversify Botswana’s economy and create jobs beyond the diamond industry. Created by the government and the mining group, the fund will finance productive and sustainable activities, reports Weekend Post.
The Diamonds for Development Fund, created by the government of Botswana and De Beers, has received an initial contribution of one billion pula from the diamond group. The payment moves the economic diversification fund into its deployment phase, reports Weekend Post.
The fund is intended to convert diamond revenues into sustainable productive activities, expand the country’s exports and support the creation of businesses and jobs. It aims to mobilise additional investment rather than operate solely as a reserve fund.
The strategy was discussed at meetings with local stakeholders organised in September during a visit to Botswana by the board, chaired by Akinwumi A. Adesina, former president of the African Development Bank. Adesina said the delegation had come to listen to stakeholders before taking action.
The fund comes as the richest kimberlite deposits age and global demand for rough diamonds fluctuates. Botswana is therefore seeking to prepare its economy for reduced dependence on precious stones, which have financed a large part of its development since independence.
