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Debswana is a major contributor to the national economy of Botswana, making up a fifth of the country’s GDP. seeks a $300 million credit facility from local banks to support larger volumes of diamond purchases, Finance Minister Peggy Serame said on Thursday.
In June last year Botswana and De Beers agreed a new 10-year diamond sales agreement, which will see ODC’s share of Debswana output rise to 30% initially and then increase gradually to 50% by the end of the deal, as the country seeks to get more revenue from its resources. ODC is currently only able to afford purchases up to $70 million using its own cash reserves, Serame told lawmakers as she sought approval for a $175 million government guarantee for the new credit facility.
The diamond industry is currently going through a market downturn which has seen sales at Debswana fall 49% in the first half of the year.
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