International Centre for Settlement of Investment Disputes

(redirected from Icsid)
Also found in: Acronyms, Wikipedia.

International Centre for Settlement of Investment Disputes

Also called ICSID. An organization under the World Bank Group that serves as an arbitration board for disputes involving investment treaties. That is, when member countries disagree on the interpretation of an investment treaty applying to both of them, they may refer the matter to ICSID. More than 150 countries belong to ICSID. It was established in 1966 and is based in Washington, D.C.
References in periodicals archive ?
Furthermore, the ICSID tribunals are inconsistent when it comes to the evidentiary standard for proving corruption.
17) In the wake of Canada's ratification of the ICSID Convention, this paper explores the role Canadian courts have played in those disputes.
As a panel member, Dr Alyahya may be asked by disputing parties or by ICSID to serve on conciliation commissions seeking to resolve international investment disputes.
In both cases, it's completely unjust that we, the Salvadoran people, are the ones having to pay for all the legal costs required to defend the state in tribunals like the ICSID," La Mesa lamented in an April 3 press release.
180) For example, in what appears to be the leading ICSID holding on the matter, Tecmed v.
Indorama took the case to Washington DC-based ICSID, which is affiliated with the World Bank, in 2011.
But, institutionally, the ICSID has developed less successfully than other members of the World Bank Group -- particularly the International Finance Corporation -- owing to a deeply rooted organisational culture at the Bank that perceives the ICSID as an instrument serving Western companies' efforts to prevail over developing states.
The ministry has claimed that Abener-Butec has no right to sue them in the Shura Council or seek international mediation since the contract was never signed and the provisional agreement contained no arbitration clause, which the ICSID requires both parties to agree to in order to adjudicate a claim.
Consequently, opening the door to ICSID arbitration would create a supplementary leverage against such rogue debtors and therefore be beneficial to the efficiency of foreign debt restructuring.
According to that tribunal on which one of the tribunal members chosen by the United States and approved by the International Centre for Settlement of Investment Disputes (ICSID) was the President's first cousin, with the case brought against the President, he refused to recuse, (225) and ICSID said that is okay.