Copenhagen (Reuters) – The sovereign fund of Norway, the largest investment fund in the world, said on Monday that it has decided to exclude from its portfolio six companies related to the West Bank and the Gaza Strip, following a review of its investments in Israel.

The fund, which weighs $ 2,000 billion, has not appointed the companies concerned but said that their identity, as well as the precise reasons for each exclusion, would be made public once the diversions are completed.

This announcement comes after an urgent examination launched this month following information according to which the fund had participated in an Israeli group of aircraft engines providing services to the Israeli armed forces, in particular the maintenance of fighter aircraft.

The council of the fund in charge of ethics, on which the decisions of exclusion of portfolios are based, said that it would continue to assess Israeli companies each quarter.

The Norwegian sovereign fund has also sold participations separately from several other companies which were not part of the journal, following a decision made last week to keep participations in Israeli companies included in its reference index.

As of August 14, the fund held 19 billion crowns (1.59 billion euros) invested in 38 companies listed in Israel, or 23 less companies since June 30.

This number should further decrease the six divests based on ethical criteria, he said.

The fund had already announced last Monday that it ended contracts with its three external asset managers responsible for part of its investments in Israel.

(Written by Louise Breusch Rasmussen, Noémie Naudin, edited by Blandine Hénault)

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