ICSID is an autonomous international institution established under the Convention on the Settlement of Investment Disputes between States and Nationals of Other States (the ICSID or the Washington Convention) with over one hundred and forty member States.
The Convention sets forth ICSID’s mandate, organization and core functions. The primary purpose of ICSID is to provide facilities for conciliation and arbitration of international investment disputes.
ICSID aims to remove impediments to the international flows of private investment.
The ICSID Convention is a multilateral treaty formulated by the Executive Directors of the International Bank for Reconstruction and Development (the World Bank). It was opened for signature on March 18, 1965 and entered into force on October 14, 1966. The Convention sought to remove major impediments to the free international flows of private investment.
ICSID appears to act on behalf of corporations against developing countries
Fifty of the 128 pending cases reveal that multinationals – mainly in the sectors of in the tobacco, finance, insurance, debt instruments, petroleum exploration, exploitation, quarrying, mining, electricity generation, hydrocarbon, oil, gas, nuclear power, food, gold, copper, tourisnm development and water – are taking cases against the Republic of Chile, Republic of Burundi, Arab Republic of Egypt, Republic of the Philippines, Republic of Peru, Republic of Tunisia, Bolivarian Republic of Venezuela, Grenada, Georgia, Romania, Republic of Slovenia, Plurinational Republic of Bolivia, Republic of Togo, Republic of Ecuador, Ukraine, Republic of Panama, Republic of South Africa, Central African Republic, Republic of Paraguay and a huge twentyfour cases against the Argentine Republic.