The International Centre for Settlement of Investment Disputes (ICSID) has released its 2025 Annual Report, offering a comprehensive overview of the Centre’s activities during fiscal year 2025 (FY2025), which covered the period from July 1, 2024 to June 30, 2025.

For the first time, the Annual Report presents statistics regarding the application of the 2022 ICSID Rules and Regulations. These include provisions aimed at enhancing transparency and ensuring procedural fairness, such as disclosures of third-party funding (TPF) and decisions on security for costs. The 2025 Annual Report also publishes data on damages claimed and awarded in arbitration cases decided by tribunals at ICSID, as well as on the geographic origin of investors in new cases.

The ICSID Administrative Council approved the 2025 Annual Report and administrative budget for fiscal year 2026 at its 59th Annual Meeting in Washington, D.C., on October 17, 2025. The Administrative Council convenes annually at the Annual Meetings of the Boards of Governors of the World Bank Group and the International Monetary Fund.

In his message in the 2025 Annual Report as Chair of the ICSID Administrative Council, World Bank Group President Ajay Banga writes: “As the world’s leading institution for resolving investor-State disputes, ICSID helps create legal certainty and mitigate risks to investment flows. But ICSID is also a center of excellence—sharing knowledge, driving innovation, building capacity, and helping countries strengthen their legal frameworks to attract and retain sustainable investment.”

Martina Polasek, Secretary-General of ICSID, remarks: “As we commemorate the 60th anniversary of the ICSID Convention, we honor its legacy while looking to the future. We remain committed to listening to stakeholders and supporting the modernization of investor-State dispute settlement, ensuring it remains trusted, reliable, and relevant for both States and investors. We will keep advancing initiatives to improve our efficiency, introduce innovations, and reduce the time and costs involved in proceedings. Additionally, we will continue to work with partners and interested parties to deepen global understanding of dispute settlement and its importance for economic development.”

The Annual Report presents a detailed report on ICSID’s caseload trends, showing strong demand for ICSID’s services in FY2025. It records the highest number of registered proceedings during a single fiscal year (109, including new cases and post-award remedies), the highest number of administered cases in a fiscal year (347), and the second highest number of concluded cases in a fiscal year (81).

ICSID’s Annual Report also features data on provisions under the 2022 ICSID Rules and Regulations:
 • Disclosure of TPF: 7% of new cases registered in FY2025 included TPF disclosures, consistent with the requirement that parties disclose any such funding for the pursuit or defense of a proceeding.
 • Security for costs: Tribunals issued decisions on security for costs in 4 cases. For the first time under the 2022 Rules, a case was discontinued after a party failed to comply with an order to provide security for costs.
 • Manifest lack of legal merit: 3 decisions on manifest lack of legal merit of claims were issued within the 60-day deadline.

Other highlights from FY2025 include:
 • 150 capacity-building and knowledge-sharing activities, the most in a single fiscal year, as part of ICSID’s extensive outreach, publications, and training program.
 • Individuals from 48 different nationalities were appointed to ICSID cases, the second highest number of nationalities ever recorded. Women accounted for 30% of all 233 appointments during the fiscal year, and 31 individuals were appointed to an ICSID case for the first time.
 • Two milestones: ICSID registered its 1,000th case under the ICSID Convention or Additional Facility Rules on August 8, 2024; and on March 18, 2025, ICSID commemorated the 60th anniversary of the ICSID Convention.
 • Equatorial Guinea ratified the ICSID Convention and became a Member State on July 24, 2024.

As in previous years, the ICSID 2025 Annual Report includes a complete list of new designations and re-designations to the ICSID Panels of Arbitrators and of Conciliators, as well as statements on the Centre’s revenue and expenses.

Explore the contents of the ICSID 2025 Annual Report in English, French and Spanish.