Jim Egan, CEO of BBC Global News, has been appointed as Chief Investment Officer at the Media Development Investment Fund, an investment fund that provides financing to independent media organisations, according to the MDIF statement.

Media Development Investment Fund is an international mission-driven investment fund which offers low-cost loans to independent media businesses, particularly in developing countries. According to the MDIF, the organisation has since its founding in 1996 invested more than $230m in loans, equity and technical assistance in 120 independent media businesses in 42 countries.

Previously, Egan has been leading BBC Global News, the British Broadcasting Corporation’s commercial news division and one of the largest providers of international news in English. Before working for the BBC, Egan held management jobs in the public sector, particularly the Director of Strategy post at Ofcom, the UK’s communications regulator. Before joining the MDIF in a CIO role, Egan served on the organisation’s board.