In a bid to support the fledging diamond industry in Botswana, and buoyed by the successful setting up of Dutch banking giants, ABN-AMRO, Botswana IFSC revealed on Friday that it was working on initiatives that will support the Diamond Hub.
CEO of IFSC Alan Boshwaen said the move will be aimed at the support structure of the industry.
“In seeking to integrate our strategy with the government hub initiatives, the IFSC is engaged in targeted business development initiatives aimed at building a requisite support structure around the Diamond Hub,” said Boshwaen.
The muted initiatives are in the form of ancillary services such as diamond financing, insurance, and trade exchange operations.
“The first significant success was realised on the diamond financing aspect with the setting up of a specialist diamond financing bank in Gaborone within the Diamond Park.”
The world’s leading diamond bank, the Dutch ABN-AMRO Bank, which is the 12th biggest bank in the world, opened a branch in Botswana in September as a move to bring diamond financing nearer.
He added that the Botswana IFSC is also working closely with the Innovation Hub regarding fast tracking cheaper, faster voice and data communications that are so crucial to all international businesses operating here.
IFSC is also currently working with an international firm of attorneys, Clifford Chance, in partnership with the local counsel, Armstrong Attorneys, on the establishment of a new Botswana IFSC legislative framework.
The new legal framework is aimed at ensuring that the IFSC legislation significantly improves the approval, review, and supervision process amongst others.
It is also meant to make the centre habitable to other sectors like insurance and private equity.
Boshwaen also stated that IFSC has also adopted a five year strategic plan, which spells out its high level strategic objectives, identifies required interventions and lays down a detailed implementation plan that will drive the company to achieve its objectives.
It also stated that it had identified strategic leverage areas, like in stakeholder engagement, and it calls for ‘us to cluster our stakeholders according to their specific roles, their needs, and the nature of their relationship with the IFSC so that we can draw targeted engagement programs for each cluster’.
“Such clusters include the business community, policy makers, regulators, tax authorities, service providers. We need to be working in closer proximity, particularly to accountants, and lawyers and other corporate advisors, that serve regional businesses,” said the CEO.