De Beers Group has officially transferred P1 billion to the Diamonds for Development Fund, marking a significant milestone in Botswana’s efforts to diversify its economy and reduce its dependence on diamond revenues.
The announcement was made on Wednesday, 21 October 2026, in a joint statement by the Government of Botswana and De Beers Group.
The payment follows the establishment of the Fund’s governance structures, including the appointment of former African Development Bank President Dr Akinwumi Adesina as Chairperson and a 10-member independent Board of Directors.
The Fund was established through the longstanding partnership between Botswana and De Beers to channel diamond wealth into new industries, business development, employment creation and sustainable economic growth.
Minister of Minerals and Energy Bogolo Kenewendo described the Fund as a strategic vehicle for Botswana’s economic transformation.
“The Diamonds for Development Fund is a strategic instrument for advancing Botswana’s economic transformation,” Kenewendo said.
She added that the initiative would help create quality jobs, expand opportunities for Batswana and build a more diversified and resilient economy.
De Beers Group Chief Executive Officer Al Cook reaffirmed the company’s commitment to supporting Botswana’s economic diversification while continuing to invest in the country’s diamond industry.
Meanwhile, Adesina said the initial funding would allow the Fund to move towards implementation, focusing on industrialisation, export competitiveness and job creation.
The Fund’s Board held its first meetings in Botswana in September, engaging President Duma Boko, government officials, business leaders and development partners.
With the P1 billion now secured, the Fund is expected to finalise its strategy and business plan before rolling out programmes aimed at attracting further domestic and international investment.
