The Ireland Strategic Investment Fund (ISIF), a state-owned entity, is set to withdraw its shareholdings from several Israeli businesses operating within the Occupied Palestinian Territories, citing an unacceptable “risk profile”. The investments are currently worth nearly €3 million.
Michael McGrath, Minister for Finance, announced on Friday that the National Treasury Management Agency (NTMA) – the body that manages the fund – would re-evaluate other regional investments to ensure compatibility with the fund’s strategic objectives and guidelines.
The decision to divest applies to ISIF’s investments in six businesses operating within the Occupied Territories. These are Bank Hapoalim BM, Mizrahi Tefahot Bank Ltd, Rami Levi CN Stores, Bank Leumi-le Israel BM, Israel Discount Bank, and First International Bank.
Minister McGrath stated that he had been informed by the NTMA of its intent to divest from ISIF global portfolio investments linked to companies operating within the Occupied Palestinian Territory. He also mentioned that ISIF has identified these investments as exceeding their acceptable risk parameters and acknowledged that the financial goals of these investments can be fulfilled through alternative channels. He assured that the decision will be executed promptly in the upcoming weeks.
The NTMA has been contacted for further comments on the matter.