Norway Wealth Fund Divests from Caterpillar, Israeli Banks Over Gaza
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Norway’s government Pension Fund Global is divesting from Israeli banks. The fund is selling it’s stakes in six banks due to their involvement in financing construction activity in Israeli settlements in the West Bank, including East Jerusalem.
The fund believes the banks contribute to maintaining the settlements. By providing financial services necessary for construction, the banks are seen as supporting the settlements.
This follows previous divestments. Earlier in the month, the fund sold off investments in 11 othre Israeli companies, prompted by concerns about investing in a jet engine maker during the Gaza war.
A review was prompted by public concern. Norwegian Prime Minister Jonas Gahr Store requested a review from Finance Minister Jens stoltenberg after the previous divestment revelations.
* The fund is acting on ethical concerns. The divestments are part of an ongoing ethics review related to the war in Gaza and developments in the West Bank.The article also includes a promotional message from the Times of Israel asking for reader support.