Veolia has signed a principled agreement to sell its shares in the Jerusalem Light Rail to the Israeli transportation cooperative Egged, reports TheMarker today (15 October). This sale marks a substantial victory for the Palestinian-led international campaign for Boycott, Divestment and Sanctions (BDS) against Israel.
According to the agreement, Veolia will receive NIS 45 million (approximately EURO 9 million) for its shares, which will be gradually transferred to Egged over a five year period from the first day of the light rail’s operation. This gradual transfer ensures compliance with conditions of the initial tender, which mandate that the light rail operator must have a minimum of five years experience in operations. Egged will also pay increasing percentages of the sale as the light rail becomes increasingly profitable.
The EUR 9 million to be received by Veolia is miniscule compared to the almost EUR 5 billion of contracts that Veolia has lost around the world due to the BDS movement in the past two years, most prominently a EUR 3 billion tender in Sweden.
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