The deal signed earlier this month between Botswana, and De Beers will provide access to more diamonds and help obtain 10 billion Pula ($762 million) in development funding, according to President Mokgweetsi Masisi.

The 10-year deal between De Beers and the world’s second-largest producer is vital to both sides and plays a key role in the global diamond supply chain, Bloomberg reports.

“We’re very happy with the outcome. It could have been better, but you know, with a partnership, you’ve always got to give as you take,” the president said during an interview with Bloomberg TV in Gaborone. He added that the funds will help Botswana “diversify the economy and improve the diamond value chain.”

Under the new agreement, the country’s state-own diamond trader will receive 30% of the output from Debswana – the unit of De Beers that makes up around two-thirds of annual production.

In addition, the government said a future agreement may increase this share to as much as 50%.

As it stands, Botswana’s Okavango Diamond Company receives 25% of Debswana production. Furthermore, the deal with De Beers includes a new 25-year mining licence for Debswana and allows De Beers to invest 1 billion Pula upfront in a Diamonds for Development Fund and provide around 9 billion Pula throughout the contract’s term.

More diamonds will be processed in Botswana, and according to Masisi, the tax revenue will “vertically increase. The deal with De Beers is one that is going to make a big difference.”

The government had previously criticised the 54-year-old agreement and had announced it would walk away from the deal if the country didn’t receive additional benefits. According to the president, the partnership with De Beers is strong.