International Centre for Settlement of Investment Disputes
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The International Centre for Settlement of Investment Disputes (ICSID) was created in 1966 to facilitate the settlement of investment disputes between governments and foreign investors and helping to promote increased flows of international investment.
ICSID was established under the Convention on the Settlement of Investment Disputes between States and Nationals of Other States which came into force on October 14, 1966. ICSID provides facilities for the conciliation and arbitration of disputes between member countries and investors who qualify as nationals of other member countries. Recourse to ICSID conciliation and arbitration is entirely voluntary. However, once the parties have consented to arbitration under the ICSID Convention, neither can unilaterally withdraw its consent. Moreover, all ICSID Contracting States, whether or not parties to the dispute, are required by the Convention to recognize and enforce ICSID arbitral awards.
ICSID is an autonomous international organization. However, it has close links with the World Bank. The Administrative Council is chaired by the World Bank's President and consists of one representative of each State which has ratified the Convention. All of ICSID's members are also members of the Bank. Annual meetings of the Council are held in conjunction with the joint Bank/Fund annual meetings.
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