Aug. 26 (UPI) -- The world's largest sovereign wealth fund in Norway is pulling billions from Israeli banks and divesting the globe's biggest American-based construction manufacturer over ethical concerns in Gaza.
Norges Bank Investment Management, which is Norway's central bank, on Monday said that it was excluding Caterpillar Inc. over Israel's continued use of bulldozers to level and destroy Palestinian-owned property in the West Bank and war-torn Gaza Strip.
"The Board has not independently assessed all aspects of the recommendations but finds it sufficiently substantiated that the exclusion and observation criteria have been fulfilled," Norges said in a statement on Monday.
In addition, it excluded First National Bank of Israel, Bank Leumi Le-Israel, Mizrahi Tefahot Bank, FIBI Holdings and Bank Hapoalim over construction-related financing that "contribute to the maintenance of Israeli settlements."
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