Botswana’s government and De Beers have appointed former African Development Bank President Akinwumi Adesina as chairperson of a fund to ensure that Botswana benefits more from its diamonds.
The Diamonds for Development Fund, which aims to use diamond proceeds to boost economic growth and diversification in Botswana, was established during tough negotiations between Botswana and De Beers – which concluded in 2025 – to extend diamond mining licences through to 2054 for their 50:50 mining joint venture, Debswana.
De Beers has committed to an upfront investment of BWP 1 billion ($74.4m) in the Fund, as well as annual contributions from its dividends from Debswana, based on the latter’s performance.
Adesina, a former Nigerian agriculture minister, was elected the eighth president of the AfDB in 2015, and re-elected for a second term in 2020. He ended his second term as president in September 2025.
“The Diamonds for Development Fund represents a bold and visionary initiative to ensure that the people of Botswana benefit directly from the wealth created by diamonds,” Adesina said.
