Norway’s Wealth Fund to Announce Israeli Investment Measures, Rules Out Full Divestment
Norway’s Finance Minister Jens Stoltenberg announced on Friday that the country’s Sovereign Wealth Fund will unveil next week adjustments to how it manages its Israeli investments, according to Reuters.
On Tuesday, the government revealed an urgent review of the fund’s investments over ethical concerns related to the ongoing war in Gaza and Israel’s military rule in the West Bank.
“I see several measures over time, but what can be addressed quickly, must be done quickly,” Stoltenberg told a press conference.
No Blanket Divestment
Crucially, Stoltenberg did not specify what the measures might entail but emphasized that there would be no blanket divestment from all Israeli companies.
“If we did that, it would mean we are divesting from them because they are Israeli,” he added.
The review came after local media reports that noted the fund had acquired a stake in Israeli jet engine manufacturer Bet Shemesh Engines Ltd, which provides services to Israel’s armed forces, including the maintenance of fighter jets. As a result, the reports sparked political debate in Norway ahead of the September 8 elections.
Stoltenberg stated that discussions between the Finance Ministry and the fund involved the use of external portfolio managers for certain holdings.
Moreover, he noted that the Bet Shemesh investment was managed by an external manager, which he did not name.
The fund also revealed that it uses three Israeli external fund managers for some of its holdings in the country.
At the end of 2024, the fund held shares in 65 Israeli companies, valued at $1.95 billion, its records show.
Meanwhile, the fund sold its stakes in an Israeli energy company and a telecoms group in 2024. At the same time, its ethics watchdog is also assessing whether to divest from five banks.
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