Botswana: Akinwumi Adesina appointed to chair developing diamond investment fund

Former President of the African Development Bank (AfDB), Akinwumi Adesina, has been appointed Chairman of the Board of Directors of the Diamonds for Development Fund, according to announcements made on Friday, May 29, 2026, by the Government of Botswana and the De Beers Group. The fund, jointly created by the Botswana government and De Beers, aims to mobilize diamond wealth to drive economic and social development.

A development economist to lead the fund

Akinwumi Adesina has been named the inaugural chairman of the Diamonds for Development Fund Board. The Nigerian economist completed his second term as AfDB President in 2025, after nearly four decades dedicated to development finance across Africa.

During his tenure at the AfDB, Adesina oversaw a significant expansion of the bank’s capital base from $93 billion to $318 billion and launched the Africa Investment Forum, which mobilized over $225 billion in investment interests. His flagship “High 5” development agenda and efforts to accelerate electrification across the continent are cited as key references for the new fund’s mission.

Turning diamond wealth into development capital

The Diamonds for Development Fund is at the center of a new agreement between Botswana and De Beers governing diamond sales and mining licenses. The fund starts with an initial capital of 1 billion pula, with ambitions to grow up to 10 billion pula through additional contributions linked to dividends from Debswana, the joint venture between Botswana and De Beers.

According to authorities, the fund will finance infrastructure, economic diversification, industrialization, and community development projects, aligned with Botswana’s Vision 2036 and National Development Plan. Priority sectors include agriculture, renewable energy, tourism, and the knowledge economy, with the aim of creating jobs and strengthening long-term economic resilience.

A strategic public–private partnership

The launch of the fund is part of a new generation of public–private partnership between Botswana and De Beers designed to ensure a broader sharing of value from diamond extraction. De Beers will contribute 1 billion pula at inception and provide annual payments linked to Debswana’s performance, while the Botswana government will co-invest according to its shareholding in the joint venture.

De Beers will also roll out beneficiation initiatives in Botswana, including a jewelry manufacturing unit, a diamond grading laboratory through the De Beers Institute of Diamonds, and a vocational training institute for diamond-related skills, aimed at increasing local participation in the value chain.

Strategic leadership welcomed

Botswana’s Minister of Minerals and Energy, Bogolo Kenewendo, described the appointment as a “major milestone” for unlocking the full economic potential of diamonds. De Beers CEO Al Cook highlighted Adesina’s strong governance track record and global network as key assets for guiding the fund toward diversification and job creation.

For Akinwumi Adesina, the Diamonds for Development Fund represents a “visionary platform” designed to ensure that Botswana’s diamond wealth directly benefits its citizens through high-impact investments. The initiative is being positioned as a continental model for better management of natural resources, as many African countries seek to move beyond raw commodity dependence.