the report chronicles at once the continuation of the Foundation's operations as well as the beginning of a new era in its evolution: first, the Foundation recorded the second year of the second phase of its traditional line of business; second, the Boards of the foundation decided to integrate the Partnership for Capacity building in Africa (PACT) into ACBF; third, the Exccutive Board appointed Mr. Soumana Sako as the new Excecutive Secretary of the Foundation. Together,these three highlights hold out the promise of transforming ACBF into a central and visible player on the African development scene in the coming years.