(The Center Square)— Arizona will ramp up its investment into Israel bond holdings as the Middle Eastern nation goes to war.
Treasurer Kimberly Yee announced the decision Monday that the state has already been investing in them, but this increase is intended to symbolize Arizona’s support.
“In the wake of the distressing news of the horrific terrorist attacks in Israel, I promptly directed my investment team to contact our esteemed partners in Israel to increase our Israel bond holdings as we continue to stand firmly with Israel,” Yee said.
“The state of Arizona is a friend and ally of Israel, and it is imperative that we support them through our actions, and not just our words,” she added.
According to the news release, Arizona has already $15 million in Israeli bond holdings, which the state started purchasing in 2013. The purchase will be made once the bonds are issued and available.
“Israel bonds are a secure and reliable investment option that not only contributes to the Arizona Treasury’s diversified investment portfolio, but also strengthens our support and partnership with the State of Israel,” Yee said in her statement. “Investing in Israel bonds is something that I not only support, but also urge my fellow state financial officers to do as well, especially in this time of crisis. In this time of adversity, it is our duty to stand resolute and support Israel as a nation.”
This is not the first time the Republican treasurer, who has been in office since 2019, has taken action related to Israel. Yee pulled $143 million in investments from Unilever in 2021, the parent company of Ben & Jerry’s, due to the ice cream company’s decision to boycott selling their products in Israel, The Center Square reported at the time.
“It does not matter how much investment Unilever PLC has in Israel, with Ben & Jerry’s decision to no longer sell its product in the West Bank, the companies are in violation of the law in Arizona,” she said in a statement at the time.
In addition to Arizona, the state of Texas is buying $20 million in Israeli bonds, The Center Square reported Friday.