Dubai June 30 (Reuters) – Abu Dhabi’s Mubadala and French national investment bank Bpifrance signed a memorandum of understanding to invest up to 350 mln euros ($415 mln) in private companies, with a focus on Africa, WAM reported on Wednesday.

“Mubadala and Bpifrance plan to allocate up to 350 million euros through fund investments and direct investments in private equity and start-ups, with a focus on high-growth start-ups, SMEs and mid-sized enterprises,” said the UAE official news agency.

($1 = 0.8430 euros) (Reporting by Ahmad Elhamy; Editing by Toby Chopra)

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