The Botswana government and De Beers have announced the appointment of former African Development Bank (AfDB) president Dr Akinwumi Adesina as chairperson of the Diamonds for Development Fund – a joint initiative to accelerate the Southern African country's long-term economic diversification.

Adesina serviced as AfDB president from 2015 to 2025. During that time, he led the AfDB in increasing the capital of the bank from $93-billion to $318-billion; established the Africa Investment Forum, which brought together major financial institutions across Africa to attract investments into projects in African countries; and led the development of Mission 300 to provide access to electricity for 300-million Africans by 2030.

“We are proud and honoured to have Dr Akinwumi Adesina join the Diamonds for Development Fund as chairperson. His appointment solidifies the position of the government of Botswana to maximise the value of Botswana diamonds as an anchor for economic transformation, diversification, innovation, beneficiation and citizen participation in the diamond value chain.

"We draw inspiration from Dr Adesina’s achievements as an internationally accomplished reformer of strategic sectors and look forward to his impactful influence in the delivery of the fund’s bold mandate,” comments Botswana Minerals and Energy Minister Bogolo Kenewendo.

De Beers CEO Al Cook adds that the Botswana government and De Beers knew they would need a strong leader to achieve the economic diversification and job creation aims being targeted by the fund.

"In Dr Adesina, I am confident we have found just that person. His record in African development is outstanding and his global network, commitment to strong governance and understanding of the fund’s priorities make him the right chair to shape the fund’s support for Botswana’s long-term economic objectives. He is a man characterised by deep integrity and outstanding delivery, and I very much look forward to seeing him steer Diamonds for Development in the years to come.”

Adesina, who will take up his new role on June 15, says he is honoured to lead the Diamonds for Development Fund, which "represents a bold and visionary initiative to ensure the people of Botswana benefit directly from the wealth created by diamonds".

"It is not only diamonds that should shine, the lives of the people of Botswana must also shine. 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 the fund contributes towards a more prosperous future for the people of Botswana,” he states.

The Diamonds for Development Fund is finalising the appointment of independent directors to its board as the next step in making the fund operational.