Ireland 15-billion-euro sovereign investment fund is set to divest from six Israeli companies, including major banks, due to their involvement in the occupied Palestinian territories, announced Finance Minister Michael McGrath on Friday.
The Ireland Strategic Investment Fund (ISIF), which primarily invests domestically to bolster economic growth while also managing an international portfolio, faced pressure from Sinn Fein, the main opposition party, to disinvest from these assets.
Ireland, historically supportive of Palestinian rights, recently joined Spain, Malta, and Slovenia in taking initial steps toward recognizing Palestinian statehood in the West Bank and Gaza Strip.
The ISIF will offload its shareholdings totaling 2.95 million euros ($3.20 million) in Bank Hapoalim BM, Bank Leumi-le Israel BM, Israel Discount Bank, Mizrahi Tefahot Bank Ltd, First International Bank, and Rami Levi CN Stores, one of Israel’s prominent supermarket chains.
McGrath stated, “I have been advised by the National Treasury Management Agency (NTMA) that it has decided to divest from certain ISIF global portfolio investments in companies that have certain activities in the Occupied Palestinian Territory.” He further mentioned that the decision would be executed over the upcoming weeks.
Norway’s $1.6 trillion sovereign wealth fund, the world’s largest, has previously divested from nine Israeli companies due to their involvement in the occupied Palestinian territories.
Source: WAFA
