Consider the following statements regarding “International Centre for Settlement of Investment Disputes” (ICSID): 1. It is the world’s leading institution devoted to international investment dispute settlement. 2. It was established in 1947 along with World Bank. Which of the statements given above is/are correct?

[A] 1 only

[B] 2 only

[C] Both 1 and 2

[D] Neither 1 nor 2

Answer: A

Notes:

ICSID is the world’s leading institution devoted to international investment dispute settlement.

It has extensive experience in this field, having administered the majority of all international investment cases.

States have agreed on ICSID as a forum for investor-State dispute settlement in most international investment treaties and in numerous investment laws and contracts.
ICSID was established in 1966 by the Convention on the Settlement of Investment Disputes between States and Nationals of Other States (the ICSID Convention).
The ICSID Convention is a multilateral treaty formulated by the Executive Directors of the World Bank to further the Bank’s objective of promoting international investment.
ICSID is an independent, depoliticized and effective dispute-settlement institution. Its availability to investors and States helps to promote international investment by providing confidence in the dispute resolution process.
It is also available for state-state disputes under investment treaties and free trade agreements, and as an administrative registry.

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