The two companies plan to invest up to $416 million to support entrepreneurship by injecting funds into start-ups and SMEs in Africa.
The UAE-based investment company Mubadala has signed a partnership agreement with BPI France, the French national investment bank, to jointly invest in private equity in Africa.
Concretely, this involves the deployment of 350 million euros of funds that will be invested directly in African start-ups, small and medium-sized enterprises and high-growth companies.
A partnership in the long haul
“Over the years, we have developed a strong relationship with Bpifrance and have invested or successfully committed around €1.5 billion in more than 15 investments in France,” said Waleed Al Muhairi, deputy CEO of Mubadala Group. “We are delighted to extend this partnership to Africa, a market we believe has significant untapped potential, and to invest alongside them in high-growth companies.”
This initiative comes after France and the UAE agreed, along with 45 other countries and institutions, to work together for a post-Covid economic recovery in Africa, including special support for entrepreneurs and SMEs, as part of the Summit on Financing African Economies held in May.
It shall also be noted that Bpifrance had, before that, been investing in Africa for more than 20 years through Averroès, a fund of funds program dedicated to the development of the African economy.