International Centre For Settlement Of Investment Disputes

Abstract

The international centre for settlement of investment disputes (ICSID) is an autonomous intergovernmental organization established by treaty and closely aligned with the World Bank. Its aim is to contribute to the promotion of economic development. ICSID was created in the framework of the World Bank through the Convention on the Settlement of Investment Disputes between states and Nationals of other states of 1965. Over the years, participation in the convention has grown steadily. By early 2008, 143 countries were parties to the convention. ICSID consists of an administrative council and a secretariat. It maintains a panel of conciliators and a panel of arbitrators. The administrative council is composed of one representative from each state party to the ICSID Convention. ICSID charges the parties certain administrative fees in accordance with its regulations and rules. The balance of ICSID's expenditures is borne by the World Bank. Keywords: administrative council; autonomous intergovernmental organization; economic development; ICSID; World Bank