Africa Project Development Facility (APDF)

The evaluation covered the period FY87-7/89. The APDF"s services have generated a high level of response, and it has met its objectives of generating private investment, creating employment, and stimulating exports. The APDF experience compares favorably with that of the Caribbean Project Development Facility (after which it was modeled). After the initial start-up stage, the APDF is reaching an increasingly acceptable level of operational effectiveness, and by employing a fee-based approach to its services, it is helping to finance a larger share of its operating costs. The U.S. business community has had a reasonable level of involvement in APDF activities through joint venture investments and consultancies. The APDF"s services complement the Africa Bureau/Office of Market Development and Investment"s activities and are a valuable resource for programs oriented to promoting investment in private enterprises. On the negative side, the availability and access to debt and equity financing remains a significant challenge to the APDF"s ultimate success. An action decision is to extend funding to APDF for five years.