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Leader Appointed for Botswana’s Diamonds for Development Fund
Dr. Akinwumi Adesina, a development economist, will head the fund created to help Botswana diversify its economy.
Dr. Akinwumi Adesina is slated to become chairperson of the Diamonds for Development Fund on June 15. Plans for the fund, created to help Botswana diversify its economy, were first announced in 2023.
Gaborone, Botswana—The Botswana government and De Beers Group announced last week that they have appointed a chairperson for the Diamonds for Development Fund, the pool of money being set aside to help the country diversify its economy.
Dr. Akinwumi Adesina, a development economist with nearly four decades of experience in global and African development issues, will lead the fund.
Adesina was the eighth president of the African Development Bank Group, first elected in 2015 and re-elected for a second term in 2020. He ended that term in September 2025.
During his time leading the group, he more than tripled the bank’s capital, established a forum to attract investment projects to African countries, and led the development of Mission 300, a plan to provide access to electricity for 300 million Africans by 2030.
Adesina was named Forbes’ Africa Person of the Year in 2013 and 2019, and Africa’s Man of the Year 2022 by EMY Africa.
He officially will assume his role on June 15.
De Beers and Botswana noted that they are in the process of finalizing the appointment of independent directors for the fund, a “vital next step” in getting it up and running.
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Dr. Akinwumi Adesina, a development economist with nearly four decades of experience in global and African development issues, will lead the fund.
Adesina was the eighth president of the African Development Bank Group, first elected in 2015 and re-elected for a second term in 2020. He ended that term in September 2025.
During his time leading the group, he more than tripled the bank’s capital, established a forum to attract investment projects to African countries, and led the development of Mission 300, a plan to provide access to electricity for 300 million Africans by 2030.
Adesina was named Forbes’ Africa Person of the Year in 2013 and 2019, and Africa’s Man of the Year 2022 by EMY Africa.
He officially will assume his role on June 15.
De Beers and Botswana noted that they are in the process of finalizing the appointment of independent directors for the fund, a “vital next step” in getting it up and running.
The creation of the Diamonds for Development Fund was first announced in 2023 when De Beers and Botswana reached a new 10-year sales agreement.
The agreement called for De Beers to invest $75 million upfront and contribute up to $750 million over the span of the sales agreement, which was formally signed in October 2025.
The goal of the fund is to help Botswana cultivate new industries and create jobs both inside and outside of diamonds, as the country’s mines are set to run dry within the next 25 years.
Adesina said he is honored De Beers and the Botswana government chose him to head the fund.
“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,” he said.
“The fund’s success will set a global benchmark for how natural resource wealth can create enduring value for generations to come. I look forward to working closely with the Government of Botswana and De Beers to ensure that the Diamonds for Development Fund contributes towards a more prosperous future for the people of Botswana.”
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