Africa Famine, Recovery and Development Fund Act of 1986

Africa Famine, Recovery and Development Fund Act of 1986 - Amends the Foreign Assistance Act of 1961 to authorize the President to provide aid for: (1) relief, rehabilitation, and recovery activities in Africa; and (2) long-term development in Africa. Sets forth the objectives of such long-term development assistance. Authorizes appropriations for FY 1988 through 1991 to carry out this Act. Makes certain other development and economic assistance funds available for assistance to Africa. Designates such authorizations and funds as the Africa Famine, Recovery and Development Fund.

Authorizes the Agency for International Development (AID) to take whatever administrative steps are appropriate to provide goods and services for such assistance on an expedited basis and to finance goods and services normally found in the recipient country.

Authorizes the President to make available to international organizations some of the assistance funds authorized by this Act.

Encourages AID and the African Development Bank and the African Development Fund to cooperate on activities in support of the objectives of this Act.

Expresses the sense of the Congress that the President should: (1) encourage the Organization for Economic Cooperation and Development, the International Bank for Reconstruction and Development, and the United Nations to take a leading role in coordinating development efforts in Africa; and (2) assist the efforts of such agencies.

Expresses the sense of the Congress that the Secretary of State should coordinate a special effort to reduce trade barriers and encourage economic interchange with the developing countries of Africa.

Includes in the President's annual report to the Congress on foreign aid programs a report on the progress made in carrying out this Act.

Amends the Peace Corps Act to include in the President's annual report to the Congress on Peace Corps programs a report on the activities undertaken to carry out this Act.