Zohran Mamdani Wants To End NYC Investments In Israel Bonds If Elected Mayor

(MENAFN- Live Mint) Democratic candidate Zohran Mamdani intends to end New York city's investments in Israeli government bonds if elected mayor, he said Sunday.

“We should not have a fund that invests in violations of international law,” Mamdani told CBS News.“The current comptroller's approach, as he applied it with Israeli bonds, is the right approach," he said.

When asked whether he would also divest from companies that have business ties to Israel, Mamdani said the priority was addressing direct municipal involvement.

“The most important thing is to understand where we are directly implicated within the city pension fund,” he told CBS news.

“A pension fund that purchases Israeli bonds, in my view, is clearly an indication of a conflict with our values, and we know that our values are actually within the framework of international law," he added.

In January 2023, outgoing City Comptroller Brad Lander had ended New York City's decades-long practice of investing in Israeli government bonds.

Mamdani, who has pledged to reduce the city's economic ties with the Israeli government, voiced his support.“I think this is the right approach,” he said in the interview.

Mamdani, however, stopped short of endorsing the broader demands of the BDS movement -- which calls for full divestment from Israeli companies.

He did not say if or how he would seek to have New York City comply with the Boycott, Divestment, and Sanctions (BDS) movement. He also said that New York City is experiencing a“crisis of antisemitism,” and that“there's no room for it in this city, in this country.

As of May, New York City pension funds still held more than $315 million in Israel-based assets, including nearly $300 million in common stocks and more than $1 million in Israeli real-estate investment trusts, the Jerusalem Post reported.

Israel reacts

In response, Israel Bonds president and CEO Dan Naveh was quoted by the Jerusalem Post as saying,“While we do not comment on statements made by candidates, what I can say is this: Israel Bonds is proud of the unprecedented outpouring of support.”

“More than $5.5 billion in investments [were made] since [the October 7 massacre], including major commitments from local governments, including the State of New York,” he said.

“The record-breaking investments we have seen in recent years demonstrate the confidence that Americans have in Israel's strength and future," he added.

Mamdani, a 33-year-old democratic socialist, has been the presumptive favorite in the election since soundly beating former Gov. Andrew Cuomo in the Democratic primary in June.

(With inputs from agencies)

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