Norway's Government Pension Fund Global, formerly known as the National Petroleum Fund, has comne under fire for its investments in Israel. The fund has doubled its investments in Israel over the past year. In 2006 the Fund bought Israeli government bonds worth $500 million Norwegian kroners ($87.4 million).
The critics, mostly politicians from Norwegian socialist and leftist parties, say the investments will allow Israel to “continue to persecute the Palestinians by building the separation wall, among other things. This means that Israel will be able to build new settelements and continue its occupation policy, and this is totally unacceptable, “ said the head of the Labour Party's Youth Branch (AUF), Martin Henriksen. He said all Norwegian investments in Israel should be withdrawn.
In response, the Undersecretary of State in the Finance Department, Bjoern Arild Gram, says Norway will not stop investing in Israeli state bonds. “There is a limit to how far one can go in using the Pension Fund as a foreign policy instrument,” Gram said. Forcing Israel to change its policies “ought to be primarily doing through international organs or through direct contact with Israel” instead of through direct economic pressure, he said.
The critics, mostly politicians from Norwegian socialist and leftist parties, say the investments will allow Israel to “continue to persecute the Palestinians by building the separation wall, among other things. This means that Israel will be able to build new settelements and continue its occupation policy, and this is totally unacceptable, “ said the head of the Labour Party's Youth Branch (AUF), Martin Henriksen. He said all Norwegian investments in Israel should be withdrawn.
In response, the Undersecretary of State in the Finance Department, Bjoern Arild Gram, says Norway will not stop investing in Israeli state bonds. “There is a limit to how far one can go in using the Pension Fund as a foreign policy instrument,” Gram said. Forcing Israel to change its policies “ought to be primarily doing through international organs or through direct contact with Israel” instead of through direct economic pressure, he said.