5 French banks which finance Israel’s illegal settlements

The International Federation for Human Rights (FIDH) said five French financial institutions have funded Israel’s settlement enterprise in the occupied West Bank.

In a report released today under the title “Dangerous Links between French Banks and Insurance Companies and Israeli Colonisation”, FIDH said that these institutions have cooperated with Israeli institutions operating on illegal settlements and thus contributed to their sustainability and development.

The French banks and businesses maintain direct or indirect minority shareholdings in Israeli settlement-based banks or businesses, some of which are directly involved in financing settler enterprise, the investigation revealed. This finding was corroborated with evidence by noting that four of a consortium of banks provided a loan totalling €288 million ($309.7 million) to the Israel Electric Corporation (IEC), which it said supplies electricity to illegal settlements.

FIDH Vice President Maryse Artiguelong stated in the report that these five French institutions are regretfully “seeking profit, whatever the outcome”, adding “it’s sad that these institutions have placed themselves in such an oppressive position only to earn a little money.”

Israel’s settlement construction in the Palestinian territories is illegal under international law.