Botswana launches P1 billion fund for industry
The Diamonds for Development Fund aims to convert mineral wealth into sustainable enterprises and jobs.
Botswana has launched its P1 billion Diamonds for Development Fund to create industries and jobs, moving beyond its reliance on diamond revenue. The fund received its initial P1 billion from De Beers Group. This initiative aims to transform wealth from the country's soil into diversified resources that generate value long after diamonds are depleted.
Established through a partnership between the Government of Botswana and De Beers Group, the fund intends to attract investment, nurture businesses, and expand the nation's export base. Chairman Dr. Akinwumi A. Adesina stated that the fund will convene government, business, and financial institutions to develop high-potential opportunities into investable projects.
The fund's strategy is to act as a catalyst, de-risking and packaging opportunities to attract private capital. This approach addresses the common challenge in Africa where promising ventures fail to become viable projects due to a lack of structure or funding.
Why it mattersBotswana's young population faces a challenge of formal employment not keeping pace with ambitions, and this fund aims to create jobs.