The $1.9 trillion fund, officially known as Norges Bank Investment Management (NBIM), has announced it has sold its holdings in 11 Israeli companies that are not included in the Treasury Equity Benchmark Index that will guide the fund’s performance. Additionally, it has terminated all contracts with an external manager based in Israel.
“These measures have been taken in response to an extraordinary situation. The situation in Gaza is a serious humanitarian crisis. We are invested in businesses operating in wartime countries, and the situation in the West Bank and Gaza has been getting worse recently.
As of the end of June this year, the fund had held stakes in 61 Israeli companies.
The fund remains invested in some, not all Israeli companies in the index, according to the statement.
Monday’s announcement follows an emergency review ordered by finance minister Jens Stoltenberg after media reports last week said last week that media reports had invested in Israel’s Betshemesh Engine Holdings, which serves Israeli fighter jets used to attack Gaza.
Norway officially recognized Palestine as a province last year as the Israeli regime strengthened the Palestinian massacre in Gaza.
Israel launched a genocide war with Gaza on October 7, 2023 after Palestinian resistance fighters engaged in a surprising operation by Al Aksa Storm against Zionist groups in response to a decades-long campaign of death and destruction against the Palestinians.
Israel has killed at least 61,499 Palestinians so far. Most of them are women and children.
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