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ADF ANNOUNCES APPOINTMENT OF NEW VICE PRESIDENT AND CHIEF OPERATING OFFICER.
African Development Foundation taps Dick Day for senior management position as Foundation expands investment in African small businesses.
WASHINGTON - May 30, 2006
“It has been a long time coming, and a decision that we know will significantly influence the way the African Development Foundation (ADF) works to eliminate poverty in Africa in the future,” stated Ward Brehm, Chairman, as he announced today the appointment of Richard C. (Dick) Day as Vice President and Chief Operating Officer for the Foundation. Dick Day formerly held the position of Coordinator of Program Operations for ADF. The announcement comes hot on the heels of the announcement in January of new leadership at this US Government Corporation, including the appointment of Rod MacAlister as President and Nate Fields as Chief Executive Officer for Africa Operations.
Dick Day joined ADF in 1996 after a 17-year career with USAID. He has spent all of his professional life working on African concerns, having served as Program Officer for USAID in both Malawi and the Sahel, and later moving up the ranks to the position of Deputy Director of Development Planning for Africa. In the ten years he has been at ADF, Dick has been involved in many aspects of the Foundation’s operations, particularly in guiding ADF’s corporate investment strategy and launching new country programs in Nigeria, Swaziland, Zambia and Rwanda, as well as spearheading efforts to increase ADF funding.
As Vice President and COO, Dick Day will be responsible for the management and day-to-day activities of ADF’s Washington, DC headquarters. He will also work closely with senior management to enable the accomplishment of Foundation goals and objectives. Commenting on his new position as Vice President, Dick Day said, “For the past ten years, ADF has been a leader in seeking creative and highly effective ways of alleviating poverty in Africa. I’m proud to have been part of that process, and look forward to playing a larger role as we expand our operations and ADF investments in Africa’s future.”
Change is not new to this innovative Agency, which has been fine-tuning the way it raises, and delivers, funding to African small businesses and community enterprises for the past 25 years. ADF has developed a distinct business model that provides integrated investment packages to organizations in Africa while at the same time leveraging appropriated funding through strategic partnerships with host governments and transnational corporations. ADF currently has strategic partnerships with two transnational corporations and twelve African governments, including a five-year agreement with the Government of Ghana valued at US$50million.
ADF’s funding program focuses on small and medium-sized, African-owned businesses with a high growth potential, including agricultural producers and processors. ADF assistance enables these enterprises to take full advantage of trade and investment opportunities, helping them to create market linkages (often on the international marketplace) and to position themselves to access additional financing from traditional sources of capital. In 2005, African enterprises assisted by ADF raised nearly US$70 million in revenues, US$34million of which were from export sales. ADF is currently active in 15 countries throughout sub-Saharan Africa, with Angola and Liberia slated to be added to the list of active country programs in 2006.
The African Development Foundation (ADF) is a United States Government agency dedicated to expanding access to economic opportunity in Africa. Over the past 20 years, ADF has funded 1,600 projects in support of African entrepreneurs and local African communities. For more information on ADF, its programs and its application guidelines, visit: www.adf.gov.