French-based NGO slams the "dangerous relationship" between French banks and Israeli settlements
Four French banks and the Axa insurance company finance Israeli businesses and banks involved in settlements. French NGOs call for disinvestment.
Paris (AsiaNews/Agencies) – Four major French banks – BNP Paribas, Crédit agricole, Société générale and Banques populaires - Caisse d'Epargne (BPCE) – together with the Axa insurance company have been indirectly funding Israeli settlements, this according to Paris-based International Federation for Human Rights (FIDH*).
Titled "Les liaisons dangereuses des banques françaises avec la colonisation israélienne (The dangerous relationship between French banks and Israeli settlements), the FIDH released a report prepared in collaboration with French associations and unions, including France-Palestine Solidarité, CCFD-Terre solidaire, CGT, Al Haq, Ligue des droits de l'homme, Union Syndicale solidaire and Fair Finance France.
According to the report, the "persistent" support of French financial institutions to Israeli banks and businesses help in “maintaining and developing” Israeli settlements.
The five major French groups have a "financial participation" or own shares in Israeli banks, which are essential to settlements for "the construction of housing and factories, connecting telephone and internet networks and even the installation of surveillance equipment." Participation also occurs via loans to businesses, particularly in energy and communications.
According to the report, BNP Paribas, Société générale, LCL (a Crédit agricole subsidiary) and Natixis (a BPCE subsidiary) granted € 288 million (US$ 310 million) for the 2004-2020 period to the Israel Electric Corporation (IEC), a government corporation that supplies electricity to Israeli settlements.
For FIDH vice-president Maryse Artiguelong, banks and insurance companies "seek profit, whatever the outcome".
For this reason, "We want French companies to withdraw their money from Israeli businesses involved in the settlements” as recommended by the [French] Foreign Ministry in 2014, said Didier Fagart, a member of France Palestine solidarité, and co-author of the report. "French banks cannot say that they did not know,” Fagart added; they “must make the right decision."
According to the report, French authorities also bear some responsibilities. In addition to urging “companies to respect human rights," the government should require banks and insurance companies to end support to companies involved in maintaining and developing Israeli settlements.
One example is the “problematic” involvement of French multinational Alstom, of which the French State is a shareholder, in infrastructure projects in the Israeli settlements.
Over the years, several banks and insurance companies, both public and private, have disinvested from banks and businesses involved in the settlements. Among these are the Dutch and Luxembourg pension funds, which cut ties with five Israeli banks involved in the settlements, whereas French financial institutions have not.
The United Nations and most of the international community consider all Israeli settlements in the West Bank and East Jerusalem as illegal under international law.
On 23 December 2016, the UN Security Council adopted Resolution 2334, calling on Israel to end immediately and completely all settlement activities in the Occupied Palestinian Territories, including East Jerusalem.
However, the process of colonisation of the territories, now in its 50th year, not only has not been slowed down, but has in fact accelerated. In January, Israel gave the green light to hundreds of new housing units.
Recently, the United Nations Special Coordinator for the Middle East Peace Process Nikolay Mladenov lashed out at Israel’s actions, which show a " intent to continue expanding the settlement enterprise in the occupied Palestinian territory”.
* The International Federation for Human Right is better known by its French acronym, FIDH, which stands for Fédération internationale des droits de l'Homme.
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21/06/2006
22/02/2024 13:58
