Botswana President Duma Boko said on Friday his country will establish a citizenship-by-investment program, as the southern African country looks to diversify its economy away from its largest export, diamonds.

Botswana's budget has been constrained this year due to a prolonged downturn in the global diamond market. It is the world's leading producer of diamonds by value.

“This program will enable us to continue to secure the long-term financial future of Botswana," Boko said in a statement.

The new program will raise funds to address priority needs including the housing market as well as the country’s tourism industry, renewable energy, mining and financial services sectors, according to the statement. The investment amount required for citizenship has yet to be established.

Botswana's economy contracted 3% last year, and the government forecasts another contraction in 2025 because of the diamond downturn.

Boko declared a public health emergency in August after the nation's medical supply chain failed. In September, the southern African country set up a new sovereign wealth fund to drive economic diversification, create jobs and manage state companies.

Botswana has retained investment migration consultancy, Arton Capital, under a memorandum of understanding to establish the citizenship program.