Oil fund increases its investments in Israel

Oil fund grows in IsraelIsraeli soldiers argue with Palestinian villagers at the entrance of the torched house of of Palestinian Ibrahim Dawabsheh, the main witness in the July arson attack, in the West Bank village of Duma near Nablus March 20, 2016..Photo. REUTERS/Abed Omar Qusini

The Norwegian oil fund has increased its investments in Israel  and in banks criticized for contributing to the occupation of Palestine, according to the newspaper Klassekampen.

The paper writes that the Fund now has invested nearly 25 billion kroner in Israel. This is revealed in the Fund’s annual report for 2015  that was published last week. That’s an increase of 5.6 billion-or 30 percent-from last year.

SVS fiscal spokesman Snorre Valen thinks that Norway helps to legitimize the occupation.

In 2014 the second largest pension fund in the Netherlands withdrew from the five Israeli banks. The reason given was that they are financing the construction of illegal settlements on the occupied West Bank.

The Norwegian oil Fund, however, increased its investments last year in the same five banks. A total of 1.5 billion NOK is have been deposited in the bank. In addition, the Fund has invested a little over ten billion in Israeli Government debt, so called Government bonds.

 

Source: NTB scanpix / Norway Today

 

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