By Jimoh Babatunde

Former President of the African Development Bank (AfDB), Dr. Akinwumi Adesina, has been appointed Chairman of Botswana’s Diamonds for Development Fund, a landmark initiative established by the Government of Botswana and De Beers Group to drive economic diversification and sustainable development in the Southern African nation.

The appointment, announced jointly by the Government of Botswana and De Beers Group, places the renowned Nigerian development economist at the helm of a fund designed to ensure that Botswana’s diamond wealth translates into long-term prosperity for its citizens.

Dr. Adesina, who completed his second term as President of the African Development Bank in September 2025, is expected to formally assume office on June 15, 2026.

Widely regarded as one of Africa’s foremost development leaders, Adesina brings nearly four decades of experience in development finance, economic transformation and agricultural reform to the role.

During his tenure at the AfDB, he oversaw a significant expansion of the bank’s capital base from $93 billion to $318 billion, the highest in the institution’s history. He also championed the Africa Investment Forum, which has attracted more than $225 billion in investment interests to projects across the continent since its launch in 2018.
Other notable achievements include the implementation of the AfDB’s High 5 development agenda, which reportedly impacted over 565 million Africans, and the development of Mission 300, a joint initiative with the World Bank aimed at providing electricity access to 300 million Africans by 2030.
Botswana’s Minister of Minerals and Energy, Bogolo Kenewendo, described the appointment as a major boost to the country’s efforts to maximize the value of its diamond resources.
According to her, Adesina’s record as a transformative leader and reformer aligns with Botswana’s ambition to use its mineral wealth as a catalyst for economic transformation, innovation, beneficiation and citizen participation in the diamond value chain.
Chief Executive Officer of De Beers Group, Al Cook, said the former AfDB president possesses the experience, global network and governance credentials required to guide the fund toward achieving its objectives of economic diversification and job creation.
Responding to the appointment, Adesina expressed appreciation to the Government of Botswana and De Beers Group for the confidence reposed in him.
He described the Diamonds for Development Fund as a visionary initiative aimed at ensuring that the benefits of Botswana’s diamond wealth are felt directly by its people.
“The Fund’s success will set a global benchmark for how natural resource wealth can create enduring value for generations to come,” he said.
The Diamonds for Development Fund is currently finalising the appointment of independent directors to its board as part of preparations to commence full operations.