Botswana and Al Mansour Holdings of Qatar announce a $12 billion investment agreement

President Duma Boko of Botswana stated Thursday that the Gulf company, Al Mansour Holdings, had agreed to invest $12 billion in a number of economic areas in order to address urgent national issues.

According to a Facebook post by Boko, the agreement, which was inked in collaboration with the state-owned Botswana Development Corporation, would concentrate on important areas such as infrastructure, energy, mining, diamond refining, agriculture, tourism, cybersecurity, and defense.

One of Africa’s economic success stories for a long time has been Botswana. However, that has been put to the test by the decline in the diamond market, which led to a 3% decline in the GDP last year and may cause another one this year.

“This historic move will be enough to address immediate challenges facing the country,” Boko added.

On an investment visit to investigate strategic prospects and strengthen bilateral economic ties, the Qatari group landed in Botswana on Wednesday.

The Southern African nation, which is well-known for its diamond wealth, has been working to diversify its economy by drawing in foreign capital and enhancing its standing in international marketplaces.