Botswana introduces a citizenship program to stimulate the economy outside of diamonds
President Duma Boko of Botswana announced Friday that his nation would launch a citizenship-by-investment program in an effort to diversify its economy and move away from its top export, diamonds.
This year, a protracted decline in the world diamond market has put pressure on Botswana’s budget. By value, it is the world’s top producer of diamonds.
“We can continue to secure Botswana’s long-term financial future with this program,” Boko said in a statement.
The country’s housing market, tourism industry, renewable energy, mining, and financial services sectors are among the main needs that the new program will raise money to address, the release said. It is yet unknown how much money must be invested to become a citizen.
Due to the decline in diamonds, Botswana’s economy shrank by 3% last year, and the government predicts that it will fall again in 2025.
Following a breakdown in the country’s medical supply system, Boko proclaimed a public health emergency in August. The southern African nation established a new sovereign wealth fund in September to oversee state enterprises, promote economic diversification, and generate employment.
In order to launch the citizenship program, Botswana has signed an agreement of understanding with Arton Capital, an investment migration consultancy.
