MDLF announces major investments in press freedom

MDLF announces major investments in press freedom Bank Vontobel and responsAbility Social Investments AG today launched the responsAbility Press Freedom VONCERT, a bond-like certificate enabling European social investors to invest directly in MDLF's work providing affordable debt and equity financing to independent news businesses in countries with a history of media oppression. In an innovative public-private partnership, the Swiss Agency for Development Cooperation provided a partial guarantee for the VONCERT, which will raise CHF2.25 million of investment capital for MDLF. At the World Press Freedom Day Conference in Washington, DC, Omidyar Network - a philanthropic investment firm dedicated to harnessing the power of markets to create opportunity for people to improve their lives, established in 2004 by eBay founder Pierre Omidyar and his wife Pam - announced the expansion of its Government Transparency initiative to include support of journalism in the developing world, including a loan of USD2 million to MDLF. "The responsAbility Press Freedom VONCERT provides the public with a simple way to invest in independent news businesses in transitional countries," said Harlan Mandel, MDLF Chief Executive Officer. "The investment by Omidyar Network underlines the fact that a free and independent press lies at the heart of government transparency and accountability." The VONCERT will provide a 5-year loan to the New York-based MDLF and pay a return of 1.5% annually to investors. The certificate builds on the success of the Voncert responsAbility Media Development, which was launched in 2006 by Bank Vontobel, responsAbility Social Investments AG and MDLF and matures on 24 May 2011. "The responsAbility Press Freedom VONCERT demonstrates the power of impact investments. If you can create an investment product to finance independent media, it is hard to imagine the limits," said Klaus Tischhauser, responsAbility Chief Executive Officer. Investors can subscribe till May 17, 2011. "An open, civil society and responsive government require a free, vibrant press. The work MDLF does for journalism in developing democratic societies is vital to that effort. We are proud to support MDLF's work through Omidyar Network's government transparency initiative," said Stacy Donohue, Director, Investments, Omidyar Network. Since 1995, MDLF has provided more than USD106 million in affordable financing to 77 news outlets in 26 countries, while only writing off 2% of the total loaned and invested. With a current portfolio of $41.8 million, MDLF backs up its debt and equity investments with strategic advice and management assistance. "A vibrant and sustainable free press holds governments to account, exposes corruption and is the foundation of social, political and economic development," said Mr Mandel. "The needs are immense: more than 80% of people live in countries without a free press."* MDLF financing enables leading journalists to play a key role in developing democratic societies by helping them build self-sustaining news businesses. Loans are typically used to buy digital equipment, printing presses and TV and radio transmitters, helping independent news outlets grow their audiences, generate more revenue and stay clear of government and vested interest interference. Media Development Loan Fund From 1996 to 31 March 2011, MDLF has provided USD106.5 million in affordable financing, including: * $92.4 million in loans and equity investments; * $13.6 million in technical assistance and other grants; * Earned over $35.7 million in interest, dividends and capital gains; * Collected more than $48.4 million in recovered principal invested. * $0.5 million through Digital Kiosk, the secure payment service for independent media; It has financed 238 projects for 77 independent media companies in 26 countries and written off only 2.04% of the total loaned and invested. MDLF has returned more than $10 million to investors. It ended March 2011 with a portfolio of $41.8 million in outstanding loans and investments. Mission-driven investment fund Media Development Loan Fund (MDLF) announced on 3 May - World Press Freedom Day - two major new investments in its work supporting independent journalism in countries without a free press. Mission-driven investment fund Media Development Loan Fund (MDLF) announced on 3 May - World Press Freedom Day - two major new investments in its work supporting independent journalism in countries without a free press.

MDLF announces major investments in press freedom

Bank Vontobel and responsAbility Social Investments AG today launched the responsAbility Press Freedom VONCERT, a bond-like certificate enabling European social investors to invest directly in MDLF's work providing affordable debt and equity financing to independent news businesses in countries with a history of media oppression. In an innovative public-private partnership, the Swiss Agency for Development Cooperation provided a partial guarantee for the VONCERT, which will raise CHF2.25 million of investment capital for MDLF.

At the World Press Freedom Day Conference in Washington, DC, Omidyar Network - a philanthropic investment firm dedicated to harnessing the power of markets to create opportunity for people to improve their lives, established in 2004 by eBay founder Pierre Omidyar and his wife Pam - announced the expansion of its Government Transparency initiative to include support of journalism in the developing world, including a loan of USD2 million to MDLF.

"The responsAbility Press Freedom VONCERT provides the public with a simple way to invest in independent news businesses in transitional countries," said Harlan Mandel, MDLF Chief Executive Officer. "The investment by Omidyar Network underlines the fact that a free and independent press lies at the heart of government transparency and accountability."

The VONCERT will provide a 5-year loan to the New York-based MDLF and pay a return of 1.5% annually to investors. The certificate builds on the success of the Voncert responsAbility Media Development, which was launched in 2006 by Bank Vontobel, responsAbility Social Investments AG and MDLF and matures on 24 May 2011.

"The responsAbility Press Freedom VONCERT demonstrates the power of impact investments. If you can create an investment product to finance independent media, it is hard to imagine the limits," said Klaus Tischhauser, responsAbility Chief Executive Officer. Investors can subscribe till May 17, 2011.

"An open, civil society and responsive government require a free, vibrant press. The work MDLF does for journalism in developing democratic societies is vital to that effort. We are proud to support MDLF's work through Omidyar Network's government transparency initiative," said Stacy Donohue, Director, Investments, Omidyar Network.

Since 1995, MDLF has provided more than USD106 million in affordable financing to 77 news outlets in 26 countries, while only writing off 2% of the total loaned and invested. With a current portfolio of $41.8 million, MDLF backs up its debt and equity investments with strategic advice and management assistance.

"A vibrant and sustainable free press holds governments to account, exposes corruption and is the foundation of social, political and economic development," said Mr Mandel. "The needs are immense: more than 80% of people live in countries without a free press."*

MDLF financing enables leading journalists to play a key role in developing democratic societies by helping them build self-sustaining news businesses. Loans are typically used to buy digital equipment, printing presses and TV and radio transmitters, helping independent news outlets grow their audiences, generate more revenue and stay clear of government and vested interest interference.

Media Development Loan Fund

From 1996 to 31 March 2011, MDLF has provided USD106.5 million in affordable financing, including:
* $92.4 million in loans and equity investments;
* $13.6 million in technical assistance and other grants;
* Earned over $35.7 million in interest, dividends and capital gains;
* Collected more than $48.4 million in recovered principal invested.
* $0.5 million through Digital Kiosk, the secure payment service for independent media;

It has financed 238 projects for 77 independent media companies in 26 countries and written off only 2.04% of the total loaned and invested.

MDLF has returned more than $10 million to investors. It ended March 2011 with a portfolio of $41.8 million in outstanding loans and investments.