US EditionNorway orders review of sovereign wealth fund’s Israel investments
- The Norwegian Prime Minister requested the finance minister to investigate the sovereign wealth fund’s stake in Israeli company Bet Shemesh Engines Holdings amid the ongoing conflict in Gaza.
- The fund acquired shares in the Israeli jet engine manufacturer during 2023 and expanded its investment following the onset of the Israeli military action in Gaza, sparking ethical debates.
- Nicolai Tangen, who leads Norges Bank Investment Management, stated that the fund holds more than a two percent stake in Bet Shemesh Engines, while the ethics council chair clarified that selling aircraft engines does not fall under the fund’s ethical criteria.
- On Tuesday afternoon, Finance Minister Jens Stoltenberg expressed continued trust in Tangen and emphasized that enforcing ethical standards falls under the responsibilities of both the central bank and the fund, in accordance with broader policies.
- Store’s request and Stoltenberg’s call for a new investment review suggest ongoing scrutiny of the fund’s holdings in Israel, highlighting the complexity of applying ethical guidelines amid geopolitical conflicts.
40 Articles
40 Articles
Norway’s $2T wealth fund to review Israel investments
Norway ordered its sovereign wealth fund to review its investments in Israeli companies after reports showed it financed businesses linked to the war in Gaza. Oslo’s fund, the world’s largest, has faced mounting pressure throughout the conflict over its Israeli holdings. The latest uproar followed a Norwegian news report that the government increased its investment in a company making planes that Israel has used to bomb Gaza. The review marks a …
Norway Orders $2 Trillion Sovereign Wealth Fund to Review Investments in Israeli Firms
Norway says it will review its $2 trillion sovereign wealth fund's investment in Israel. The UN's special rapporteur found that 6.9% of the fund is invested in companies "enabling egregious violations of international law" in Palestine.
The Norwegian government has ordered its gigantic sovereign fund to review investments in Israeli companies after the strong protests of the population, outraged at the funding given to the companies involved in the Tel Aviv offensive in Gaza. The Norwegian Finance Minister, Jens Stoltenberg, has ordered the central bank and the ethical council of the fund to analyse the participations due to the worsening of the situation in Gaza and the West B…
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