Norway’s sovereign wealth fund has divested from 11 Israeli firms while retaining stakes in 50 others amid growing public pressure regarding the war in Gaza. However, Trond Grande, deputy CEO of Norges Bank Investment Management (NBIM), said on Tuesday that the fund will continue to invest in Israel.

What happened: As of June, the Government Pension Fund of Norway, the world’s largest sovereign wealth fund, held shares in 61 Israeli companies. On Monday, NBIM — the central bank arm managing the fund — announced the sale of its investments in 11 companies that were not part of the Norwegian Finance Ministry’s equity benchmark index, which includes a list of firms selected by the government for the fund's long-term investments. NBIM added that the fund had concluded the sales in recent days over the worsening humanitarian crisis in Gaza.

The fund said that it was terminating contracts with three of its external asset managers who dealt with some of its Israeli investments and had diversified its portfolio in the country.

Among the divestments, the fund highlighted in a press conference on Tuesday its sale of Bet Shemesh Engines Ltd, a company that provides services to the Israeli military, including the maintenance of fighter jets. NBIM did not disclose other companies it divested from, nor did it specify which Israeli firms still remain in its portfolio.