Managers of Norway’s sovereign wealth fund say it has sold its shares in 11 Israeli companies, a move that they say reduces its holdings in the country against the backdrop of the “serious humanitarian crisis” in Gaza.

Norway's $2 trillion sovereign wealth fund said on Monday it is terminating contracts with asset managers handling its Israeli investments and has divested parts of its portfolio in the country over the situation in Gaza and the West Bank.

Norway’s $1.9 trillion sovereign wealth fund has divested from 11 Israeli companies and is terminating all contracts with external managers in Israel following public outcry over its investments linked to the war in Gaza.