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The International Center for Settlement of Investment Disputes

In: International Financial Institutions and Their Challenges

Author

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  • Felix I. Lessambo

Abstract

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.

Suggested Citation

  • Felix I. Lessambo, 2015. "The International Center for Settlement of Investment Disputes," Palgrave Macmillan Books, in: International Financial Institutions and Their Challenges, chapter 0, pages 61-71, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-52270-2_6
    DOI: 10.1057/9781137522702_6
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