Oslo, MINA – Norway’s sovereign wealth fund, the world’s largest, has divested from five Israeli banks and U.S. construction equipment giant Caterpillar over serious violations in the occupied West Bank and Gaza.
The fund announced Tuesday that the banks were excluded “due to an unacceptable risk that these companies contribute to serious violations of individual rights in situations of war and conflict,” according to a statement cited by Quds News Network (QNN).
The five banks named are Bank Hapoalim, Bank Leumi, Mizrahi Tefahot Bank, First International Bank of Israel, and FIBI Holdings.
The fund’s independent Ethics Council said the banks provide financial services that are essential for construction and expansion of Israeli settlements in the West Bank, including East Jerusalem, thereby contributing to their maintenance.
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On Caterpillar, the Council said: “There is no doubt that Caterpillar’s products are used to carry out extensive and systematic violations of international humanitarian law.”
Norway’s sovereign wealth fund, valued at over USD 1.6 trillion, frequently uses ethical guidelines to decide which companies it invests in, making its decisions closely watched by global markets.[]
Mi’raj News Agency (MINA)
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