Belgian party seeks ban on bank financing in occupied Palestinian territories

By Melike Pala

BRUSSELS (AA) - Belgian left-wing party Vooruit is pushing for a ban on investments in the occupied Palestinian territories, arguing the country's financial institutions continue to fund companies operating in the West Bank and Gaza Strip, the De Morgen newspaper reported.

The proposal follows a recent report by the international coalition, "Don't Buy Into Occupation," which lists 104 companies active in the occupied territories and accuses them of sustaining what it calls an "illegal occupation economy."

Belgian institutions including KBC, Ackermans & van Haaren, and Degroof Petercam are mentioned in the report for providing investments, loans, insurance services, and asset management to companies operating in the occupied areas. French bank BNP Paribas is identified as the leading financier.

Vooruit has introduced a new bill that would prohibit Belgian financial institutions from directly or indirectly contributing to economic activities in the occupied territories.

"The horrors in Gaza must stop: everyone agrees on that. And yet, many Belgian banks continue to finance the Israeli occupation. That is unacceptable to Vooruit," said party lawmaker Achraf El Yakhloufi.

"Let us speak the language that banks and Prime Minister Benjamin Netanyahu understand well: the language of money," he added.

The Israeli army escalated its attacks in the West Bank after the outbreak of the Gaza war in October 2023, which killed more than 70,000 Palestinians. A truce is in effect since October, but Israeli violations continue.

More than a thousand Palestinians have also since been killed by illegal settlers in the occupied West Bank, besides mounting arrests and injuries.

In a landmark opinion in July 2024, the International Court of Justice declared Israel's occupation of Palestinian territory illegal and called for the evacuation of all settlements in the West Bank and East Jerusalem.

"These settlements are being systematically expanded, ever faster and more aggressively. This has resulted in the forced displacement of Palestinian families, the destruction of property, and the closure of the Palestinian economy," El Yakhloufi said.

The party argued that the proposed financing ban is a necessary preventive measure to protect Belgian banks from complicity and potential legal consequences.