ABN AMRO Bank Botswana to Open In Gaborone

ABN AMRO is opening the ABN AMRO Bank Botswana in Gaborone to provide financial services to local and regional diamond industry players throughout southern Africa. The new bank is scheduled to officially open on September 24.

The bank will likely focus on servicing the regional diamond industry. As previously reported by Chaim Even-Zohar, ABN AMRO’s International Diamond and Jewelry Group (ID&JG) will close its Johannesburg office and will make Botswana the center of its operations in Africa. It has secured two licenses – one for providing local banking services and one for international business transactions.

ID&JG is the executive arm of the joint venture it is concluding with Lazare Kaplan International and the Overseas Private Investment Corporation (OPIC). According to OPIC, this involves a $333 million revolving facility in which OPIC will share credit risk for up to $250 million in loans to Botswana-based diamond polishing companies.

ABN AMRO will provide up to $83 million in revolving credits as part of the total facility.

"The support of both the Botswana Government and diamond industry leaders around the world have been instrumental in reaching this ‘new beginning' for our business in Africa, which will form further foundation for another promising project in the country, the creation of the regional Diamond Hub,” said ID&JG CEO Victor van der Kwast.