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Media Development Investment Fund

Free Press Investment Note

Finances independent media around the world providing the news, information and debate that people need to build free, thriving societies.

MDLF is a mission-driven investment fund for independent news outlets in countries with a history of media oppression. We provide low-cost capital and business know-how to help journalists in challenging environments build sustainable businesses around professional, responsible, quality journalism. Our financing and capacity support enables independent news media to compete with state- or oligarch-supported outlets and provide reliable information to people with limited or no access to objective news.  

With investments in 85 media companies in 27 countries since 1996, MDLF has provided more than $115 million in financing, including $100 million in debt and equity investments, critical to the growth of many of the developing world's pre-eminent news businesses. With a loss rate of less than 3% of the total invested, MDLF has received back $53 million in recovered principal, earning almost $37 million in interest, dividends and capital gains. MDLF has returned $16.9 million to investors.


Free Press Investment Notes® (FPIN) let social investors invest in independent news businesses in emerging democracies through MDIF. There is no limit on the amount that can be invested, while investments start at as little as $1,000.

Although FPIN are not federally insured, they benefit from credit enhancements including portfolio diversification, rigorous due diligence, portfolio monitoring and MDIF’s 17 years of experience. MDIF backs its entire portfolio with a generous loan loss provision and net assets of more than $17 million.

Social Impact

Each year we analyse changes in client reach, sales and other indicators of business performance to better understand how working with MDIF helps clients develop news business that are viable over the long term. Read the full MDIF Impact Dashboard 2013 and the full Methodology 2013 here.

* MDIF provided data from 1996 to June 30, 2013. Reach and sales data is from 2012

Financial Performance

From 1996 to March 31, 2013, MDIF provided $128 million in affordable financing, including:

  • $112.6 million in loans and equity investments
  •  $14.9 million in technical assistance and other grants
  •  Earned over $37.6 million in interest, dividends and capital gains
  • Collected more than $55.6 million in recovered principal
  • invested $0.5 million through Digital Kiosk, the secure payment service for independent media.

MDIF has invested in 93 clients and 290 projects across 32 countries, writing off less than 3% of the total loaned and invested.

MDIF has returned more than $18.5 million to investors. It ended March 31, 2013 with a portfolio of $51.8 million in outstanding loans and investments.




We will convert your GBP to USD at 1:1.2444

Transaction restrictions:

Minimum: £804.00 (1000.00 USD)

Free Press Investment Note

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