Norwegian KLP Fund Moves Off EGP16 With West Bank Ties


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Norway’s largest pension fund, KLP, announced today that it will divest from 16 companies, which it says are linked to Israeli settlements in the occupied territories. The KLP announcement was hailed by the BDS movement as a major achievement. KLP said it has sold its stakes in companies operating in the technology, construction and banking sectors and that it will no longer invest in them. KLP’s holdings in these companies amounted to 275 million Norwegian kroner ($32 million). Among the companies KLP is divesting from are Motorola, which KLP says helps with surveillance systems that protect Jewish settlements and borders; Bank Leumi, Bank Hapoalim and other Israeli banks, Bezeq, Cellcom, Partner and other contacts, which according to KLP operate in Jewish settlements. Construction companies, including France’s Alstom as well as Electra, the Ashtrum Group, and energy companies Delek Group and Energix were also excluded. “In the KLP’s assessment, there is an unacceptable risk that the excluded companies are contributing to human rights abuses in war and conflict situations through their links to Israeli settlements in the occupied West Bank,” the fund said. Two months ago, Norway’s sovereign wealth fund, the world’s largest investment fund, which invests the country’s proceeds from oil and gas sales, said it would stop investing in Shapir Engineering and Industry Ltd. and Mivne Group, both of which are engaged in urban planning. and real estate, which have been accused of having links to settlement activities. Published by Globes, Israel business news – en.globes.co.il – on July 5, 2021 © Copyright Globes Publisher Itonut (1983) Ltd. 2021


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