Botswana receives one billion Pula diamond dividend
The newly established Diamond for Development Fund received a one billion Pula transfer from De Beers.
Botswana's new Diamond for Development Fund received one billion Pula, about USD 73 million, last week. Both President Duma Boko and former President Mokgweetsi Masisi had reasons to be satisfied with the transfer.
The fund's creation was a vision of former President Masisi, and President Boko is overseeing the financial asset's arrival under his administration. The transfer occurred without political opposition.
The relationship between Botswana's leaders and De Beers is described as having "frenemy energy." The fund's establishment is a result of this engagement.
Why it mattersBotswana's government secured one billion Pula for the Diamond for Development Fund.