Norway's Sovereign Wealth Fund Sells Part of Israeli Assets Worth $20 Billion!
Under intense public pressure, Norway's sovereign wealth fund has abandoned its investments in 11 Israeli companies and terminated all contracts with external managers.
The Norwegian Central Bank's Investment Management Company has faced increased pressure in recent months, reflecting domestic concerns about the humanitarian crisis in Gaza. The fund held approximately 61 Israeli companies' shares as of June this year.
CEO Nicolai Tangen stated, "In the face of an extremely special conflict situation, we have taken these measures." He described the situation in Gaza as "a severe humanitarian crisis." Prior to this, Norway's Ministry of Finance conducted a review of the fund's holdings in Israel.
The Norwegian Central Bank's Investment Management Company primarily tracks indices but also retains some active management space. The fund will terminate all active management in Israel. Its total holding in Israel accounts for 0.1% of the fund, with a value of approximately $20 billion before the divestment. The fund has sold all shares in 11 non-index companies and will continue to invest in part of Israeli companies within the index.
In a recent survey, 78% of respondents expressed their hope that the fund would exclude companies that do not respect human rights. The fund had previously excluded 11 companies due to their activities on the West Bank.
Norway recognized Palestinian statehood in May last year and has repeatedly urged Israel to provide more humanitarian aid to Gaza.