Media Development Investment Fund (MDIF), the New York-based non-profit which supports independent media in countries where it is under threat, has announced the final close of its MDIF Media Finance I (MMF I), a $6 million impact investment fund which will support news media in emerging and frontier markets. Likely investees, says a press release from MDIF, will be companies in countries such as India, Ukraine, Bolivia and Lesotho. MMF I will assist by providing affordable debt to independent news companies. Its investors include the Open Society Foundations, Dreilinden, a Dutch family office and Antonis Schwarz. ‘MMF I will finance investments in software, equipment, content production, workspace, as well as working capital and short-term cash-flow needs,’ says Harlan Mandel, MDIF’s chief executive.

MDIF, which now has over 20 years at the forefront of supporting independent media, will launch MMF II later this year.