African Development Foundation Act

African Development Foundation Act - Amends the Foreign Assistance Act of 1961 to establish as a nonprofit corporation the African Development Foundation. Authorizes the Foundation to make grants, loans, and loan guarantees to any African private or public group, association, or other entity for: (1) the support of self-initiated community development efforts; (2) development research by Africans and the transfer of development resources, expertise, and knowledge within Africa; (3) procurement from other sources of such technical or other assistance in cases and manners deemed appropriate by African recipient entities; and (4) such other projects as the Foundation considers appropriate.

Vests the management of the Foundation in a Board of Directors composed of seven members appointed by the President. Directs the establishment of a Council composed of individuals selected by the Board and including representatives from African grant recipients and other foreign nationals who are knowledgeable about development activities in Africa.

Authorizes the appropriation of $25,000,000 to carry out this Act for the period covered by fiscal years 1978-80.