en.Wedoany.com Reported - Akinwumi Adesina, former President of the African Development Bank (AfDB), has been appointed Chair of the newly established "Diamonds for Development Fund" by Botswana and De Beers Group. The fund aims to drive economic diversification and sustainable development in the country.
The appointment, jointly announced by the Government of Botswana and De Beers Group, will take effect on June 15, 2026.
The fund will focus on expanding economic opportunities, creating jobs, and reducing Botswana's reliance on mining revenue.
Botswana's Minister of Minerals and Energy, Bogolo Kenewendo, stated that Adesina's appointment marks a significant milestone in the country's efforts to maximize the value of its diamond resources and enhance citizen participation in the diamond value chain.
She expressed confidence that Adesina's extensive experience in development and institutional reform will help advance the fund's goals in economic transformation, innovation, and local value addition.
Al Cook, CEO of De Beers Group, noted that the fund requires strong leadership to achieve its long-term objectives, and Adesina's expertise in African development, governance, and international partnerships makes him well-suited for the role.
In his acceptance remarks, Adesina described the appointment as an honor, calling the initiative a strategic move to ensure that Botswana's diamond wealth benefits its people.
He said the fund has the potential to become a global model for transforming natural resource wealth into inclusive and sustainable prosperity.
Adesina served as President of the African Development Bank (AfDB) from 2015 to 2025, leading major reforms and development projects across Africa.
Under his leadership, the AfDB's capital base grew from $93 billion to $318 billion, and the Africa Investment Forum mobilized over $225 billion in investment interest.
He also drove the bank's "High 5" development agenda and the "Mission 300" initiative in partnership with the World Bank, which aims to provide electricity to 300 million Africans by 2030.
The "Diamonds for Development Fund" is currently finalizing the appointment of independent directors to advance its full operationalization.
Once operational, the fund is expected to support Botswana's long-term strategy of building a diversified economy and creating sustainable development opportunities for future generations.
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