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) building local institutions and developing innovative relationships with intermediary organizations; (2) evaluating the transferability of projects; (3) supporting African research and facilitating the transfer of development resources, expertise, and knowledge within Africa; and (4) disseminating to the American public and United States development institutions insights gained through African development

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, including 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.