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MDIF closes $6M loan fund for independent media

Media Development Investment Fund’s Media Finance I will issue loans to news organizations in emerging and frontier markets that need working capital, equipment financing and short-term cash.

The fund was announced in late 2016. Its investors include the Open Society Foundations, Dutch family office Dreilinden, and impact investor and Guerrilla Foundation founder Antonis Schwarz.

The Swedish International Development Cooperation Agency is offering 55% first-loss protection for the fund. MDIF has invested $166 million in 114 media organizations since launching in 1995. It focuses on both startup and established companies in countries where independent media is restricted or under threat.

Three-quarters of its clients have exposed a corruption scandal in the countries where they operate. MDIF plans to launch a second loan fund later in 2018.

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