Duma Gideon Boko, President of Botswana, attends a meeting during the 38th Ordinary Session of the Heads of State and Government of the African Union at the African Union Commission (AUC)… Purchase Licensing Rights .

Botswana’s President Duma Boko announced on Thursday an agreement with Qatar’s Al Mansour Holdings, aimed at addressing immediate national challenges, with the Gulf firm committing to $12 billion in investments in various economic sectors.

The deal signed in partnership with state-owned Botswana Development Corporation will focus on key sectors including infrastructure, energy, mining, diamond refinement, agriculture, tourism, cybersecurity, and defence, Boko said in a post on Facebook.

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Botswana has long been seen as one of Africa’s economic success stories. But that has been tested by a diamond market downturn, which caused gross domestic product to contract 3% last year and could trigger another contraction this year.

“This historic move will be enough to address immediate challenges facing the country,” said Boko.The Qatari delegation arrived in Botswana on Wednesday on an investment mission to explore strategic opportunities and bolster bilateral economic ties.

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Renowned for its diamond wealth, the Southern African country has been striving to diversify its economy by attracting foreign investment and strengthening its position in global markets.

Reporting by Brian Benza. Writing by Sfundo Parakozov. Editing by Mark Potter