How the U.S put hard money into Botswanas diamond dream

History was made on Monday morning at a breakfast signing ceremony in Botswana. Barclays Bank of Botswana signed a $125-million credit guaranty agreement with the Overseas Private Investment Corporation (OPIC), through which the United States government will share 75% of the credit risk in financing diamond beneficiation in Botswana.

Barclays is taking a first tranche out of a total available guarantee of $250 million. Together with the $83-million matching banking partner share, this guarantees an availability of $333 million of credit for Botswana’s manufacturers – only for manufacturing – which is well above the industry’s foreseeable requirements. Eventually, it is expected, other banks in Botswana will join the programme, providing a new rationale to diamond manufacturing in the country. Botswana’s main attraction will be credit – not just rough diamonds! Diamond Intelligence Briefs made the following report available to BusinessWeek

 

Editor's Comment
Cameras watching: Drive safely or pay the price

A network of high-tech cameras is now live, and they will be watching motorists every move behind the wheel. For the safety of everyone on the roads, drivers must take this wake-up call seriously or be prepared to face the consequences. These are not just speed traps. The new detecting devices are sophisticated. They will catch you running a red light, speeding, or driving an unregistered vehicle. They will spot the driver who is not wearing a...

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