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A fund overseen by Norway’s Ministry of Finance divested from two Israeli companies involved in construction in the West Bank.

The Norway Oil Fund, managed by the Norwegian Central Bank, divested from Africa-Israel Investments and its construction subsidiary Danya Cebus Ltd. on Aug. 23. It also divested from Malaysian forestry company Samling Global Ltd. because of some of its logging activities, according to reports.

The divestment action was taken following a decision by the ministry’s ethics committee. The ministry currently blacklists nearly 50 companies.

The fund has assets worth $450 billion, with more than $320 million in investments in Israel. Its Africa-Israel stock was worth about $1.16 million, according to Reuters.

Africa-Israel told Reuters that the company no longer builds in West Bank settlements. — jta