International organizations call on 672 companies to get out of settlements

A report by Palestinian, regional, and European civil society organizations called for 672 European financial institutions to exit their activities in 50 companies involved in working with Israeli settlements.

The report issued on Wednesday by the coalition “Do not contribute to the financing of the occupation,” which includes 25 Palestinian and international organizations.

European institutions granted companies that own investments in settlements $114 billion in loans and subscriptions.

As of May 2021, the total value of shares and bonds owned by European investors in these companies became $141 billion, according to the report.

The report focused on “financial relations between companies involved in the Israeli settlement project and European financial institutions.”

Based on the review and audit of the sources of financial flows for these European companies for the period between 2018-2021.

Among the major European companies included in the report of international civil society organizations, “Deutsche Bank” and “BNP Paribas”, the French banking group.

The coalition of organizations consists of 25 Palestinian, regional, and European human rights organizations based in Belgium, France, Ireland, the Netherlands, Norway, Spain, the United Kingdom, and Tunisia.

The report added: “These companies and financial institutions have an important role in facilitating the sustainable economic growth of the Israeli settlement enterprise.”

The coalition of organizations quoted the UN Special Rapporteur on the situation of human rights in the Palestinian territories, Michael Lynk, as saying.

“The participation of European companies in the settlements through investments and bank loans means providing them with indispensable economic oxygen.”

“They do not contribute to the financing of the occupation,” said William Stace, “despite the illegality of settlements under international law.

However, European financial institutions continue to provide companies operating in settlements with a financial lifeline.