Former President of the African Development Bank (AfDB), Akinwumi Adesina, has been appointed Chairperson of the Diamonds for Development Fund, a strategic initiative established by the Government of Botswana and De Beers Group to drive the country’s economic diversification and long-term development.
The appointment was jointly announced by the Government of Botswana and De Beers Group on May 29, 2026. Dr. Adesina is expected to formally assume office on June 15, 2026.
A globally respected development economist and policy leader, Dr. Adesina brings nearly four decades of experience in African and international development.
He served as the eighth President of African Development Bank from 2015 to 2025, overseeing major institutional reforms and development initiatives across the continent.
During his tenure, the Bank’s capital base increased from $93 billion to $318 billion, the highest in its history.
He also spearheaded the establishment of the Africa Investment Forum, which has mobilised more than $225 billion in investment interest since its launch in 2018. In addition, he led the implementation of the Bank’s “High 5s” development strategy, which reportedly impacted more than 565 million people across Africa, and championed Mission 300, a joint initiative with the World Bank Group aimed at providing electricity access to 300 million Africans by 2030.
Welcoming the appointment, Bogolo Kenewendo, Botswana’s Minister of Minerals and Energy, described Dr. Adesina’s selection as a significant step toward maximising the value of the country’s diamond resources for economic transformation, innovation, beneficiation and greater citizen participation in the diamond value chain.
“We are proud and honoured to have Dr. Akinwumi Adesina join the Diamonds for Development Fund as Chairperson,” she said, expressing confidence that his extensive experience and record of reform would help advance the Fund’s ambitious mandate.
Chief Executive Officer of De Beers Group, Al Cook, said the Fund required exceptional leadership to achieve its objectives of economic diversification and job creation.
According to Cook, Dr. Adesina’s distinguished track record in African development, commitment to strong governance and extensive international network make him uniquely qualified to guide the Fund in supporting Botswana’s long-term economic goals.
In his acceptance remarks, Dr. Adesina described the appointment as a great honour and characterised the Fund as a bold initiative designed to ensure that Botswana’s citizens derive direct and lasting benefits from the country’s diamond wealth.
“The Diamonds for Development Fund represents a visionary effort to ensure that the people of Botswana benefit directly from the wealth created by diamonds,” he said. “It is not only diamonds that should shine; the lives of the people of Botswana must also shine.”
He added that the Fund has the potential to become a global model for leveraging natural-resource wealth to create sustainable and inclusive prosperity for future generations.
The Diamonds for Development Fund is currently finalising the appointment of independent directors to its board, a key step toward making the institution fully operational.
The Fund is expected to play a central role in supporting Botswana’s efforts to diversify its economy beyond mining while creating jobs and expanding opportunities for its citizens.
