International Center for the Settlement of Investment Disputes is an organization operating under the umbrella of the World Bank. ICSID stands for; International Center for Settlement of Investment Disputes. ICSID is an international arbitration institution established in 1966 for the settlement of legal disputes between international investors and states. Detailed information about ” What is the International Center for the Settlement of Investment Disputes ICSID” is in rest of the article. You can browse here for G7 Countries 2021 What is the G7′ Purpose?
What is the International Center for the Settlement of Investment Disputes ICSID?
ICSID headquarters is located in Washington, USA. It is an autonomous, multilateral specialized institution to promote international investment flow and reduce non-commercial risks, with an agreement drawn up by the executive directors of the International Bank for Reconstruction and Development and signed by member countries. It is administered by the ICSID Executive Council. The ICSID Executive Council elects the central secretary general and the deputy secretary. The council consists of representatives of the contracted member states of the center, and the President of the World Bank Group chairs the council, although the president does not vote.
ICSID has 163 member countries. 162 of these members are a member state of the United Nations and the other is Kosovo. 154 of these member states are among the “contracting member states”. Former members Bolivia and Ecuador withdrew from membership in 2009, and Venezuela in 2012. ICSID is legally represented by the secretary general. The ICSID’s Secretary General has been Canadian Ms. Meg Kinnear since 2009. A new election is expected in 2021 for the ICSID General Secretariat.There are also countries that are a member of the ICSID but have not ratified its contract. These countries are as follows:
- Belize (1986)
- Djibouti (2019)
- Dominican Republic (2000)
- Ethiopia (1965)
- Guinea-Bissau (1991)
- Kyrgyzstan (1995)
- Namibia (1998)
- Russia (1992)
- Thailand (1985)
For ICSID official website: https://icsid.worldbank.org/