Botswana President Duma Boko announced on Friday that the country will introduce a citizenship-by-investment program as part of efforts to diversify its economy beyond diamonds, its main export.
The southern African nation, the world’s top producer of diamonds by value, has seen its budget squeezed this year by a prolonged slump in the global diamond market.
“This program will enable us to continue to secure the long-term financial future of Botswana,” Boko said in a statement.
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The government noted that the program will be used to raise funds to meet priority needs such as strengthening the housing market, boosting tourism, and supporting renewable energy, mining, and financial services.
The required investment threshold for citizenship has not yet been determined.
Botswana’s economy shrank by 3% last year, and the government expects another contraction in 2025 as the diamond downturn persists, according to Reuters.
In August, Boko declared a public health emergency after the country’s medical supply chain collapsed, while in September, the government launched a new sovereign wealth fund aimed at driving diversification, generating jobs, and managing state-owned enterprises.
To help establish the program, Botswana has signed a memorandum of understanding with investment migration consultancy Arton Capital.
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Image Credit: Reuters
