Norway’s Wealth Fund Expands Divestment from Israeli Firms
(MENAFN) Amid what it described as “extraordinary” conditions unfolding in Gaza and the West Bank, Norway’s central bank-operated wealth management fund has declared its decision to remove six additional Israeli companies from its investment holdings.
This announcement came on Monday, marking a further step in the fund's divestment strategy.
The Norges Bank Investment Management fund, valued at $2.2 trillion and recognized as the globe’s largest sovereign wealth fund, had previously eliminated 17 Israeli businesses from its portfolio.
These excluded firms, collectively worth $143.3 million, had been part of a broader $2.24 billion investment allocation, based on the latest available data.
According to the fund, the newly targeted six companies are all linked in some capacity to operations or involvement in the West Bank and Gaza.
The specific identities of these businesses will be disclosed after the divestment is officially finalized, as stated by the bank.
Just last week, CEO Nicolai Tangen addressed the situation, saying: "These measures were taken in response to extraordinary circumstances. The situation in Gaza is a serious humanitarian crisis."
On Monday, the fund referenced a communication from Norway’s Finance Ministry that highlighted worsening conditions in both Gaza and the West Bank.
“Questions have been raised around individual investments in the fund against this background,” the fund noted, pointing to growing scrutiny surrounding its financial stakes.
It further stated: “In light of this, Norges Bank has been asked to provide a renewed review of its work on following up the mandate, the fund's investments in Israeli companies and any potential new measures that Norges Bank considers necessary.”
By acting on these developments, Norges Bank signals a continued reassessment of its investment ethics amid escalating humanitarian and geopolitical concerns.
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