Cuyahoga County Executive Chris Ronayne said county would not be moving away from its $16 million investment in Israel Bonds despite ongoing demands from pro-Palestinian advocates.
A county spokesperson told Ideastream Thursday that the bonds, which are loans to Israel repaid in full with interest when the bonds mature, are important to ensure long-term financial stability and secure financing for public projects.
“We are not moving away from Israel bonds,” Ronayne announced at last week's State of the County address. “To know why, we can continue to talk.”
Pro-Palestinian advocates have been calling on Ronayne to divest for months, showing up to County Council public comment periods and interrupting Ronayne’s State of the County address. They say the county is helping fund the Israel-Hamas war in Gaza.
More than 40,000 Palestinians have died since the war began in October when Hamas militants attacked Israeli towns killing hundreds of civilians and taking hostages, according to the Associated Press. Israel immediately launched airstrikes.
"This $16 million should not be invested in war and genocide, but rather should be invested in our own local communities here in Cuyahoga County," said Chance Zurub, an organizer for the Palestinain Youth Movement.
A county spokesperson told Ideastream part of the reason it won’t divest is that there is no secondary market for Israel Bonds, and a transfer of bonds is only possible if approved by the Development Company for Israel.
The county declined to comment about whether it would invest in more of those bonds in the future.
