March 28, 2018 / 1:27 PM / 10 months ago

UPDATE 1-UAE's Mubadala, Greece's Taneo to invest 400 mln euros in Greece

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DUBAI, March 28 (Reuters) - Mubadala Investment Company has signed a deal with Greece’s New Economy Development Fund, known as Taneo, to create a 400 million euro ($496 million) co-investment platform, the Abu Dhabi state fund said on Wednesday.

Under the agreement, Taneo and Mubadala will each contribute 200 million euros to invest in businesses with growth potential across key sectors of Greece’s economy, Mubadala said.

In the past, Mubadala has signed investment deals with state-linked funds in Russia and, most recently, France to invest in parts of those countries’ economies.

Greece’s economy has gradually rebounded from a recession that shrank the economy by a quarter. Gross domestic product grew for a fourth straight quarter in October-December.

Established in 2001 by the Greek government, Taneo invests in venture capital funds, specialising in Greek small and medium size enterprises in the telecommunications, information technology, e-commerce, biotechnology, and new materials sectors.

Mubadala, active in 13 sectors and more than 30 countries, is joining up with the Abu Dhabi Investment Council (ADIC) as part of a consolidation in Abu Dhabi’s investment funds, it was announced last week.

$1 = 0.8068 euros Reporting by Tom Arnold; editing by Jason Neely and Louise Heavens

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