Swiss looks set to dismiss ban on funding of weapons makers

  • World
  • Sunday, 29 Nov 2020

FILE PHOTO: A banner reading "Yes to war business initiative" is placed on a railing in Zurich, Switzerland November 16, 2020. REUTERS/Arnd Wiegmann/File Photo

ZURICH (Reuters) - Swiss voters on Sunday looked set to reject a proposal seeking to impose a ban on funding arms makers, the latest anti-military referendum in a nation that hasn't fought an external war for 200 years, first projections released by broadcaster SRF showed.

A wide majority of 58% of voters looked set to reject the proposal, which would have implications for major Swiss banks and investors, as well as Swiss industry, initial counts showed.

The Initiative Against the War Trade proposed banning the central bank and pension funds from holding shares in companies which generate more than 5% of sales from weapons and components. It would ban banks from lending to defence firms.

(Reporting by Brenna Hughes Neghaiwi; Editing by Edmund Blair)

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