Botswana signs $12B investment deal with Qatari firm to accelerate development

LUSAKA, Zambia

Botswana’s President Duma Boko said Thursday that his country signed an agreement with Qatar's Al Mansour Holdings, which will commit $12 billion in investments to accelerate national development goals.

The deal was signed in partnership with state-owned Botswana Development Corporation.

"This transformative partnership spans infrastructure, energy, mining, the diamond industry, agriculture, tourism, cybersecurity and defense, driving economic stability, diversification and long-term prosperity," Boko said in a statement on Facebook.

Al Mansour Holdings is owned by Qatari royal family member Sheikh Mansour Bin Jabor Bin Jassim Al Thani, who arrived in the country Wednesday to explore investment opportunities and strengthen economic partnerships.

Boko said the historic deal will be enough to address immediate challenges facing the country in light of the current downturn being experienced in the diamond industry, its mainstay.

"Together, we are building a Botswana that is globally competitive, secure and prepared for the future," he added.

Earlier this week, Al Mansour Holdings also signed a $19 billion cooperation agreement with Botswana's neighbor, Zambia, covering 11 economic areas of collaboration including oil and gas.