Ireland to divest from 6 Israeli firms over their activities in occupied Palestinian territory

By Burak Bir

LONDON (AA) - Ireland Strategic Investment Fund (ISIF) will divest from six Israeli companies because of their activities in occupying Palestinian territory, the Irish finance minister said Friday.

Michael McGrath announced confirmation from the National Treasury Management Agency (NTMA) of divestment by the ISIF from its global equity portfolio of certain companies.

"I have been advised by the NTMA that it has decided to divest from certain ISIF global portfolio investments in companies that have certain activities in the Occupied Palestinian Territory," McGrath noted in a statement.

He said the decision relates to shareholdings with a total value of €2.95 million ($3.2 million) in six companies, including its largest banks, namely Bank Hapoalim BM, Bank Leumi-le Israel BM, Israel Discount Bank, Mizrahi Tefahot Bank Ltd, First International Bank and Rami Levi CN Stores.

Saying that the decision will be implemented "as soon as possible" in the coming weeks, McGrath said he is advised ISIF will keep under review the alignment of relevant investments within its investment parameters and commercial objectives.

Last month, Ireland joined Spain, Malta and Slovenia in taking the first steps toward recognizing the state of Palestine in the West Bank and the Gaza Strip.

Since Israel launched its brutal war on Gaza on Oct. 7, more than 33,000 Palestinians have been killed and 75,750 injured, according to Gaza’s health authorities.

The Israeli army has since killed at least 456 Palestinians and detained nearly 8,000 in the occupied West Bank and East Jerusalem, according to Palestinian figures.

Israel is accused of genocide at the International Court of Justice. An interim ruling by the top UN court in January ordered Tel Aviv to stop genocidal acts and take measures to guarantee that humanitarian assistance is provided to civilians in Gaza.