Media Development Investment Fund

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Media Development Investment Fund (MDIF), formerly Media Development Loan Fund, is a New York-registered non-profit 501(c)(3) organization and mission-driven investment fund that provides low-cost financing to independent news and information businesses in challenging environments, mostly in countries with a history of media oppression.[1] As one of the United States-based groups involved in direct media development, it specializes in impact investing and provides affordable debt, equity and quasi-equity financing to help journalists build sustainable businesses around professional, responsible, quality journalism.[2][3]

In 2016, MDIF was declared an "undesirable" organization by the Office of Prosecutor General of Russia using Russian undesirable organizations law.[4][5]

Mission and impact[edit]

According to its website[6] “MDIF invests in independent media around the world providing the news, information and debate that people need to build free, thriving societies”.

Its own impact analysis[7] found that more than 93.7 million people get their news from media supported by MDIF. After five years of working with MDIF, media businesses increase their reach by a median of 32%


MDIF was founded in 1995 by Saša Vučinić and Stuart Auerbach, the late Washington Post reporter and editor.[8] Vučinić served as the CEO and Managing Director of MDLF until 31 March 2011,[9] when he stepped down and was succeeded by Harlan Mandel.[10] In 2013 Media Development Loan Fund changed its name to Media Development Investment Fund.[11]


According to its website,[12] from 1996 to December 31, 2018, MDIF provided more than $172.5 million in affordable financing, including:

  • $148.2 million in loans and equity investments;
  • Approximately $23.7 million in technical assistance and other grants;
  • Earned over $41.8 million in interest, dividends and capital gains;
  • Collected more than $72.3 million in recovered principal invested;
  • Approximately $0.6 million through Digital Kiosk, the secure payment service for independent media.

MDIF has invested in 115 clients and 359 projects across 40 countries, writing off 10.7% of the total loaned and invested.[12]

MDIF has returned more than $47.9 million to investors. It ended December 31, 2018 with a portfolio of $51.7 million in outstanding loans and investments.[12]

Other activities[edit]

MDIF is one of the founders of the European Press Prize.[13]

In 1998 MDIF also founded CAMP (Centre for Advanced Media-Prague), which provided technology support to independent media in developing countries. In 2010, MDIF spun off CAMP as an independent organization, Sourcefabric, whose mission is to provide independent media outlets with the open source software, tools and support they need to produce the news.[14]


  1. ^ Ashoka. "3 Innovations In Participative Journalism That Will Change The Media Industry". Forbes. Retrieved 2017-03-02.
  2. ^ "How digital media sites can monetize their social capital". Retrieved 2017-03-02.
  3. ^ "Media Development Investment Fund: Banking on a Free Press | ImpactAlpha". Retrieved 2017-03-02.
  4. ^ "Russia Bans More International Organizations". Human Rights Watch. 2016-08-22. Retrieved 2017-03-02.
  5. ^ "Russia declares two more non-profits as undesirable". Retrieved 2017-03-02.
  6. ^ "MDIF". Retrieved 2017-03-02.
  7. ^ "MDIF". Retrieved 2017-03-02.
  8. ^ "MDIF". Retrieved 2017-03-02.
  9. ^ "MDIF". Retrieved 2017-03-02.
  10. ^ "MDIF". Retrieved 2017-03-02.
  11. ^ "MDLF rebrands as Media Development Investment Fund | Sifa News". Retrieved 2017-03-02.
  12. ^ a b c "MDIF". Retrieved 2017-03-02.
  13. ^ "Partners - European Press Prize". European Press Prize. Retrieved 2017-03-02.
  14. ^ Sourcefabric. "Mission/History". Sourcefabric. Retrieved 2017-03-02.