The World Bank established the International Center for Settlement of Investment Disputes (ICSID) in 1966 to encourage investors and governments to undertake and receive foreign direct investments, by providing a neutral dispute resolution system. ICSID provides arbitration services that are entered into on a voluntary basis, but once two parties agree to submit issue resolution to ICSID, they are required to follow ICSID procedures until the verdict is rendered. Furthermore, all member countries of the ICSID are bound to recognize and enforce the rulings that are made. In 2011, ICSID concluded 225 cases, and 128 cases are still pending. Although it is technically a separate entity, ICSID is chaired by the president of the WB, and the two organizations are well integrated, with their annual meetings being held in concert, and with ICSID’s operating expenses coming from the WBG’s budget. Currently 143 UN member nations and Kosovo are members of the ICSID.
- Foreign Direct Investment
- Dispute Settlement
- Arbitral Tribunal
- Bilateral Investment Treaty
- Arbitral Award
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Sergio Puig (2013) “Emergence & Dynamism in International Organizations: ICSID, Investor-State Arbitration & International Investment Law,” Georgetown Journal of International Law 44, p. 536.
© 2015 Felix I. Lessambo
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Lessambo, F.I. (2015). The International Center for Settlement of Investment Disputes. In: International Financial Institutions and Their Challenges. Palgrave Macmillan, New York. https://doi.org/10.1057/9781137522702_6
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