October 13, 2023: ICSID has released its 2023 Annual Report featuring an in-depth look at the Centre's activities over the past fiscal year (July 1, 2022 - June 30, 2023).
Earlier today, the ICSID Administrative Council approved the Annual Report and ICSID’s Administrative Budget for FY2024 at its 57th Annual Meeting in Marrakech, Morocco. The Administrative Council convenes annually at the Annual Meetings of the Boards of Governors of the World Bank Group and the International Monetary Fund.
Writing his first message in the Annual Report as President of the World Bank and Chair of the ICSID Administrative Council, Ajay Banga underlines ICSID’s role in facilitating foreign investment—a priority for the World Bank as it seeks to scale up private capital to tackle intertwined crises.
“The scale of this challenge requires the private sector to play a significant role alongside the World Bank and other development institutions,” writes Mr. Banga. "The World Bank should have a central role by using its resources, convening power, and knowledge to catalyze private capital more effectively. ICSID is an important part of these efforts.”
As the preeminent multilateral institution for resolving investment grievances, ICSID has continually modernized and expanded its dispute resolution tools and services. These efforts were on clear display over the past year.
“ICSID started the 2023 fiscal year on a high note with the introduction of our amended rules,” notes Meg Kinnear, ICSID Secretary-General, in her opening message.
Developed over the previous five-and-a-half years and endorsed by over 85% of ICSID’s Member States—the amended rules place ICSID at the leading edge of dispute resolution procedures.
“A priority over the past year has been ensuring that parties and tribunals are well equipped to put these rules into practice,” adds Ms. Kinnear.
ICSID’s membership has also continued to grow. The Republic of Angola deposited its Instrument of Ratification of the ICSID Convention in FY2023, becoming ICSID’s 158th Member States.
The Annual Report also provides a detailed look into the ICSID caseload during the fiscal year. Highlights include:
- 329 cases administered by ICSID, marking the third largest number of cases ever administered at ICSID in a single fiscal year.
- 68 concluded cases, reflecting ICSID’s ongoing efforts to reduce the time of cases.
- 45 new cases were registered, including 33 cases under the amended ICSID rules. In addition, ICSID administered a record 22 cases under UNCITRAL and other non-ICSID rules.
- Individuals of 43 nationalities were represented among the appointments made in the fiscal year, which is the second-largest number of different nationalities appointed in a single year at ICSID.
As in previous years, the ICSID 2023 Annual Report features:
- A complete list of new designations and re-designations to the ICSID Panels of Arbitrators and of Conciliators
- A detailed report on ICSID’s caseload trends
- An overview of ICSID’s extensive outreach and training activities
- Statements on the Centre's revenue and expenses