Irish Fund Divests from Israeli Companies over Occupation: Finance Minister

Irish Finance Minister Michael McGrath. (Photo: Houses of the Oireachtas, via Wikimedia Commons)

By Palestine Chronicle Staff  

McGrath emphasized that the divestment will be executed “as soon as possible”, in the coming weeks. 

The Irish Finance Minister, Michael McGrath, announced on Friday that the Ireland Strategic Investment Fund (ISIF) will divest from six Israeli companies due to their involvement in occupying Palestinian territory. 

McGrath stated that the National Treasury Management Agency (NTMA) confirmed the divestment from certain companies in the ISIF’s global equity portfolio.

“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.

The decision reportedly pertains to shareholdings worth €2.95 million ($3.2 million) in six companies, including major banks such as Bank Hapoalim BM, Bank Leumi-le Israel BM, Israel Discount Bank, Mizrahi Tefahot Bank Ltd, First International Bank, and Rami Levi CN Stores.

McGrath emphasized that the divestment will be executed “as soon as possible”, in the coming weeks. 

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He also mentioned that ISIF will continue to review the alignment of its investments within its investment parameters and commercial objectives.

Last month, Ireland, along with Spain, Malta, and Slovenia, initiated steps toward recognizing the state of Palestine in the West Bank and the Gaza Strip.

Gaza Genocide

Currently on trial before the International Court of Justice for genocide against Palestinians, Israel has been waging a devastating war on Gaza.

According to Gaza’s Ministry of Health, 33,173 Palestinians have been killed, and 75,815 wounded in Israel’s ongoing genocide in Gaza starting on October 7.

Moreover, at least 7,000 people are unaccounted for, presumed dead under the rubble of their homes throughout the Strip. 

Palestinian and international organizations say that the majority of those killed and wounded are women and children.

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The Israeli aggression has also resulted in the forceful displacement of nearly two million people from all over the Gaza Strip, with the vast majority of the displaced forced into the densely crowded southern city of Rafah near the border with Egypt – in what has become Palestine’s largest mass exodus since the 1948 Nakba.

Israel says that 1,200 soldiers and civilians were killed during the Al-Aqsa Flood Operation on October 7. Israeli media published reports suggesting that many Israelis were killed on that day by ‘friendly fire.’ 

(PC, Anadolu)

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