International Centre for Settlement of Investment Disputes
International Centre for Settlement of Investment Disputes : ICSID, an affiliate of the World Bank, is a public international organization which provides facilities for the conciliation and arbitration of investment disputes between Contracting States and nationals of other Contracting States. The Centre's objective is to promote an atmosphere of mutual confidence between States and foreign investors conducive to increasing the flow of private international investment. The Centre does not itself engage in conciliation or arbitration but assists in the initiation and conduct of conciliation and arbitration proceedings. Recourse to conciliation and arbitration under the ICSID Convention is entirely voluntary. However, once the parties have consented, they are bound to carry out their undertakings and, the case of arbitration, to abide by the award. All Contracting States, whether or not parties to the dispute, are required to recognize awards rendered pursuant to the Convention as binding and to enforce the pecuniary obligations imposed thereby. The Centre also conducts and publishes research in foreign investment law. ICSID was created under a treaty, the Convenion on the Settlement of Investment Disputes Between States and Nationals of Other States (the ICSID Convention) which entered into force in October 1966. The Centre's headquarters are in Washington, D.C. See: World Bank
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