Norway’s $2 trillion sovereign wealth fund will next week announce changes to the handling of its Israeli investments, Finance Minister Jens Stoltenberg said on Friday, ruling out any blanket withdrawal over Israel’s war on Gaza.
The government on Tuesday said it had launched an urgent review of the fund’s investments over ethics concerns linked to the war on Gaza and the Israeli occupation of the West Bank.
“I see several measures over time, but what can be addressed quickly, must be done quickly,” Stoltenberg told a press conference after holding his second meeting with fund officials in three days.
He did not say what these measures could be, but added that there would not be a wholesale divestment from all Israeli companies. “If we did that, it would mean we are divesting from them because they are Israeli,” he said.
The review followed local news reports that the fund had built a stake in an Israeli jet engine group, Bet Shemesh Engines Ltd (BSEL) BSEN.TA, which provides services to Israel’s armed forces, including the maintenance of fighter jets, creating a political debate in the Nordic country ahead of elections on 8 September.