CIADI - Annual report 2024

ICSID

ANNUAL REPORT

2024Cover: © Shutterstock Inside Cover: © Adobe ICSID is an international facility available to States and foreign investors for the resolution of investment disputes. Established in 1966 by the Convention on the Settlement of Investment Disputes between States and Nationals of Other States (the ICSID Convention), it is the only global institution dedicated to international investment dispute settlement. Through its specialized rules of procedure, world-class facilities, and expert legal and administrative support, ICSID provides unparalleled dispute resolution services to States and investors. ABOUT ICSID 1 ICSID ANNUAL REPORT 2024September 16, 2024 Mr. Ajay Banga Chair, Administrative Council International Centre for Settlement of Investment Disputes Dear Mr. Banga, I am pleased to submit the Annual Report on the operation of the International Centre for Settlement of Investment Disputes for approval by the Administrative Council. This Annual Report covers the fiscal year from July 1, 2023, to June 30, 2024. The Report includes the audited financial statements of the Centre, presented pursuant to Administrative and Financial Regulation 21. Y ours sincerely, Martina Polasek Secretary-General 1 About ICSID 2 L etter of Transmittal 4 Global L eader in International Investment Dispute Settlement 6 M essage from the Secretary-General 7 S potlight on the New Secretary-General 8 M essage from the President 10 Becoming a Better Bank 12 ICSID R etrospective 14 Caseload T rends 26

Membership 30 P anels of Arbitrators and of Conciliators 34 ICSID Secr etariat 38 Outr each and Training 46 Fifty-Se venth Annual Meeting 48

Finance 62 List o f Member States

LETTER OF

TRANSMITTAL CONTENTS

3 2

ICSID ANNUAL REPORT 2024 ICSID ANNUAL REPORT 2024EXPERTISE

38 Outr each and Training 46 Fifty-Se venth Annual Meeting 48

Finance 62 List o f Member States

LETTER OF

TRANSMITTAL CONTENTS

3 2 ICSID ANNUAL REPORT 2024 ICSID ANNUAL REPORT 2024EXPERTISE ICSID has administered more than 900 cases in its 59-year history, representing over 70% of all known international investment cases. The Centre’s legal counsel have exceptional experience in international investment law and procedure, while ICSID’s finance, information technology, and hearings teams ensure that all administrative aspects of a case run smoothly. FACILITIES ICSID has hearing centres in Washington, D.C., and Paris, France, as well as access to the World Bank’s offices in more than 130 countries. ICSID has also entered into facilities cooperation agreements with 35 dispute settlement centres around the globe, allowing ICSID hearings to be held at their facilities. Dedicated professionals manage all aspects of a hearing, whether it is held in person, virtually, or in hybrid format.

THE GLOBAL LEADER IN

INTERNATIONAL

INVESTMENT

DISPUTE

SETTLEMENT RULES Encompassing rules for arbitration, mediation, conciliation, and fact-finding, ICSID provides the first and longest-standing rules of procedure that are specifically designed for international investment disputes. In 2022, ICSID completed a comprehensive modernization of its rules—putting them at the forefront of dispute settlement procedures. The Centre also administers cases under other sets of procedural rules, such as those of the United Nations Commission on International Trade Law (UNCITRAL). PARTNERSHIPS ICSID works with individuals and organizations around the world to build knowledge and capacity in investor-State dispute settlement. As one of the five organizations of the World Bank, ICSID collaborates with its sister organizations—IBRD, IDA, IFC, and MIGA—to achieve the joint mission of creating a world

around the world to build knowledge and capacity in investor-State dispute settlement. As one of the five organizations of the World Bank, ICSID collaborates with its sister organizations—IBRD, IDA, IFC, and MIGA—to achieve the joint mission of creating a world free of poverty on a livable planet. Hearing in the case of Riverside Coffee, LLC v. Republic of Nicaragua. © ICSID 4 ICSID ANNUAL REPORT 2024 5 ICSID ANNUAL REPORT 2024It is an honor to write to you in my first annual report as ICSID’s new Secretary-General. The ICSID annual report, published continuously since 1967, tells the story of the institution’s incredible evolution. In my 23 years at ICSID—first as legal counsel and then as Deputy Secretary-General—I have been privileged to witness much of that progress firsthand. We have gone from being a Secretariat of fewer than 10 lawyers, communicating with fax machines and mail, to a staff of over 70 that works largely free of paper. ICSID’s steady progression is evident in this year’s report. ICSID administered 341 cases in the 2024 fiscal year. The Panels of Arbitrators and of Conciliators counted 731 members. Equatorial Guinea became the latest State to sign the ICSID Convention. Looking ahead, I am excited about ICSID’s prospects. I have no doubt that we will continue to build on our world-class service standards, and that technology will make us an even more efficient institution. Strengthening our partnerships will also be a priority, including with our sister organizations within the World Bank Group: IBRD, IDA, IFC, and MIGA. Together we share a mandate to expand private investment for economic development, and each organization brings a compelling mix of products, services, and expertise to the table to achieve that result. Finally, I would like to thank our Member State

we share a mandate to expand private investment for economic development, and each organization brings a compelling mix of products, services, and expertise to the table to achieve that result. Finally, I would like to thank our Member State representatives, clients, and ICSID colleagues for their support as I have taken on this new role. I look forward to working with you in the year ahead and reporting back on further progress in our 2025 annual report. Martina Polasek ICSID Secretary-General SPOTLIGHT ON THE NEW SECRETARYGENERAL The past year has continued recent trends at ICSID: robust demand for our administrative services, a further expansion of our network of partnerships, and significant contributions to the modernization of investor-State dispute settlement. ICSID registered 58 new cases under the ICSID Convention and Additional Facility in FY2024. A further 17 cases were administered under UNCITRAL and other nonICSID rules. As of June 30, 2024, ICSID had registered 991 cases under the ICSID rules since the first case registered in 1972. Interestingly, we are starting to see an increased number of cases initiated under investment chapters in free trade agreements, many of which contain updated treaty obligations, reflecting the evolution in our discipline over the years. ICSID continues to grow its membership. Equatorial Guinea signed the ICSID Convention on June 13, 2024, becoming the 166th signatory to the Convention. As of June 30, 2024, 158 States were members of the ICSID Convention. MESSAGE FROM THE SECRETARY-GENERAL I am pleased to report that the Code of Conduct for Arbitrators in International Investment Disputes has been finalized. This was a joint project by ICSID and the United Nations Conference for International Trade Law (UNCITRAL). The Code was formally adopted by UNCITRAL at its 56th annual session in July 2023. It is

Arbitrators in International Investment Disputes has been finalized. This was a joint project by ICSID and the United Nations Conference for International Trade Law (UNCITRAL). The Code was formally adopted by UNCITRAL at its 56th annual session in July 2023. It is a soft law instrument that is available to ICSID disputing parties by consent or for inclusion in future treaties. I am also pleased to announce that Martina Polasek has been elected as the next Secretary-General of ICSID, commencing on July 1, 2024. Martina brings extensive experience in investor-State dispute settlement and has served as both ICSID legal counsel and Deputy Secretary-General. This is my final annual report after fifteen years as Secretary-General of ICSID. ICSID has grown in every respect over that period, and I am very proud of what we have accomplished together. In those 15 years, ICSID added 15 new member States, grew from a staff of 34 to 76 persons, and more than doubled the average number of cases registered per year. Our technical assistance and publications programs have expanded, we regularly do more than 150 presentations a year, and annually publish three editions of the ICSID Review—Foreign Investment Law Journal. We established a permanent hearing center in Washington D.C., have vastly expanded our administrative services, and have incorporated new technology at every stage of our case procedures. Starting on page 12 of this report, we provide a timeline of these and other milestones from the past 15 years. This incredible progress would not have been possible without the dedication, collegiality, and skills of the ICSID staff, to whom I am eternally grateful. I would also like to thank the Member States of ICSID who have been so supportive throughout my tenure and encouraged our progress at every step. I look forward to contributing to investor-State dispute settlement in new ways as I start the next phase in my career, and to seeing this discipline continuously grow

grateful. I would also like to thank the Member States of ICSID who have been so supportive throughout my tenure and encouraged our progress at every step. I look forward to contributing to investor-State dispute settlement in new ways as I start the next phase in my career, and to seeing this discipline continuously grow and adapt in the service of economic growth and opportunity in all member States. Meg Kinnear ICSID Secretary-General Martina Polasek was elected Secretary-General of ICSID by its Member States on April 30, 2024. Her term began on July 1, 2024. © ICSID Meg Kinnear, Secretary-General of ICSID from June 22, 2009 to June 30, 2024. © ICSID 7 6 ICSID ANNUAL REPORT 2024 ICSID ANNUAL REPORT 2024We are helping developing countries create jobs and employment, the surest enablers of prosperity. In the next 10 years, 1.2 billion young people across the Global South will become working-age adults. Y et, in the same period and the same countries, only 424 million jobs are expected to be created. The cost of hundreds of millions of young people with no hope for a decent job or future is unimaginable, and we are working urgently to create opportunity for all. In response to climate change—arguably the greatest challenge of our generation—we’re channeling 45 percent of annual financing to climate action by 2025, deployed equally between mitigation and adaptation. Among other efforts, we intend to launch at least 15 country-led methane-reduction programs by fiscal 2026, and our Forest Carbon Partnership Facility has helped strengthen high-integrity carbon markets. Access to electricity is a fundamental human right and foundational to any successful development effort. It will accelerate the digital transformation in developing countries, strengthen public infrastructure, and prepare people for the jobs of tomorrow. But half the population of Africa—600 million people—lacks

Access to electricity is a fundamental human right and foundational to any successful development effort. It will accelerate the digital transformation in developing countries, strengthen public infrastructure, and prepare people for the jobs of tomorrow. But half the population of Africa—600 million people—lacks access to electricity. In response, we have committed to provide electricity to 300 million people in Sub-Sahar an Africa by 2030 in partnership with the African Development Bank.

DELIVERING ON OUR

COMMITMENTS REQUIRES

US TO DEVELOP NEW

AND BETTER WAYS OF

WORKING. IN FISCAL 2024,

WE DID JUST THAT.

AJAY BANGA In fiscal 2024, the World Bank Group adopted a bold new vision of a world free of poverty on a livable planet. T o achieve this, the Bank Group is enacting reforms to become a better partner to governments, the private sector, and, ultimately, the people we serve. Rarely in our 80-year history has our work been more urgent: We face declining progress in our fight against poverty, an existential climate crisis, mounting public debt, food insecurity, an unequal pandemic recovery, and the effects of geopolitical conflict. Responding to these intertwined challenges requires a faster, simpler, and more efficient World Bank Group. We are refocusing to confront these challenges not just through funding, but with knowledge. Our Knowledge Compact for Action, published in fiscal 2024, details how we will empower all Bank Group clients, public and private, by making our wealth of Recognizing that digitalization is the transformational opportunity of our time, we are collaborating with governments in more than 100 developing countries to enable digital economies. Our digital lending portfolio totaled $5.6 billion in commitments as of June 2024; and our new Digital Vice Presidency unit will lead our efforts to establish the foundations of a digital economy. Key initiatives include building and enhancing digital and data infrastructure, ensuring cybersecurity and data privacy for institutions, businesses, and citizens, and

totaled $5.6 billion in commitments as of June 2024; and our new Digital Vice Presidency unit will lead our efforts to establish the foundations of a digital economy. Key initiatives include building and enhancing digital and data infrastructure, ensuring cybersecurity and data privacy for institutions, businesses, and citizens, and advancing digital government services. Delivering on our commitments requires us to develop new and better ways of working. In fiscal 2024, we did just that. We are squeezing our balance sheet and finding new opportunities to take more risk and boost our lending. Our new crisis preparedness and response tools, Global Challenge Programs, and Livable Planet Fund demonstrate how we are modernizing our approach to better drive impact and outcomes. Our new Scorecard radically changes how we track results. But we cannot enable development on our own. We need partners from both the public and private sectors to join our efforts. That’s why we are working closely with other multilateral development banks to improve the lives of people in developing countries in tangible, measurable ways. Our deepening relationship with the private sector is evidenced by our Private Sector Investment Lab, which is working to address the barriers preventing private sector investment in emerging markets. The Lab’s core group of 15 Chief Executive Officers and Chairs meets regularly, and already has informed our work—most notably with the development of the World Bank Group Guarantee Platform. The impact and innovations we delivered this year will allow us to move forward with a raised ambition and a greater sense of urgency to improve people’s lives. I would like to recognize the remarkable efforts of our staff and Executive Directors, as well as the unwavering support of our clients and partners. T ogether, we head in to fiscal 2025 with a great sense of optimism— and determination to create a better Bank for a better w orld. AJAY BANGA President of the World Bank Group and Chairman of the Board of Executive Directors development knowledge more accessible. And we have reorganized the World Bank’s global practices into

and determination to create a better Bank for a better w orld. AJAY BANGA President of the World Bank Group and Chairman of the Board of Executive Directors development knowledge more accessible. And we have reorganized the World Bank’s global practices into five Vice Presidency units—People, Prosperity, Planet, Infrastructure, and Digital—for more flexible and faster engagements with clients. Each of these units reached important milestones in fiscal 2024. We are supporting countries in delivering quality, affordable health services to 1.5 billion people by 2030 so our children and grandchildren will lead healthier, better lives. This is part of our larger global effort to provide a basic standard of care through every stage of a person’s life—infancy, childhood, adolescence, and adulthood. T o help people withstand food-affected shocks and crises, we are strengthening social protection services to support half a billion people by the end of 2030—aiming for half of these beneficiaries to be women. © Jodiann Anderson/World Bank

9 8 ICSID ANNUAL REPORT 2024 ICSID ANNUAL REPORT 2024

MESSAGE FROM THE PRESIDENTBECOMING A The world is confronting a set of intertwined challenges— poverty, the climate crisis, debt, food insecurity, pandemics, and fragility—and a need to accelerate access to clean air, energy, and water. Time is of the essence. We need a better Bank to address these challenges and the challenges of tomorrow . The G20 Leaders requested the World Bank Group to change and be a more significant part of the solution. In response, we raised our ambition for speed, simplicity, better leveraging our balance sheet, and engaging partners and the private sector. Here’s how we are enhancing our approach:

PRIVATE SECTOR

INVESTMENT LAB The Private Sector Investment Lab is a collaborative initiative between the World Bank Group and directors of leading global private sector institutions. Its goal is to develop solutions that address existing barriers to private sector investment

PRIVATE SECTOR

INVESTMENT LAB The Private Sector Investment Lab is a collaborative initiative between the World Bank Group and directors of leading global private sector institutions. Its goal is to develop solutions that address existing barriers to private sector investment in emerging markets and developing economies. The Lab’s core group of 15 CEOs and Chairs have delivered recommendations on regulatory certainty, increased use of guarantees, foreign-exchange-risk mitigation, and increased use of originate-to-distribute models for mobilization of private capital. Their feedback has already informed the development of the World Bank Group Guarantee Platform. KNOWLEDGE BANK Knowledge has been critical to the World Bank Group for 80 years, and we are refocusing ourselves not just as a funding mechanism, but also as a source of knowledge. T o do this, we are bringing experts to the forefront of our country-driven model, working with governments to craft focused development plans that marry their ambition and our expertise. The Knowledge Compact for Action details this approach, with a focus on four areas: new and updated knowledge products, strategic partnerships, enhanced learning, and cutting-edge systems.

GLOBAL EMERGING MARKETS

RISK DATABASE (GEMS)

CONSORTIUM The GEMs Consortium comprises 25 multilateral dev elopment banks and development finance institutions. The World Bank Group and the GEMs Consortium are driving transparency and mobilizing private investment in emerging markets by releasing comprehensive credit risk data. BETTER BANK FINANCIAL INNOVATIONS Our new financial instruments are designed to boost lending capacity and enable the World Bank Group to take on more risk for shared global challenges. We’ve squeezed $40 billion over 10 years from our balance sheet by adjusting our loanto-equity ratio. We’ve launched a hybrid-capital instrument. Our Livable Planet Fund, launched in April 2024,

to take on more risk for shared global challenges. We’ve squeezed $40 billion over 10 years from our balance sheet by adjusting our loanto-equity ratio. We’ve launched a hybrid-capital instrument. Our Livable Planet Fund, launched in April 2024, offers governments, philanthropies, and other partners an opportunity to contribute to our concessional resources for middle-income countries. WORLD BANK GROUP GUARANTEE PLATFORM This new platform is delivering simplicity and improved access to our guarantee products, putting us on a path to boost our annual guarantee issuance to $20 billion by 2030—and multiply our mobilization o f private capital many times. WORLD BANK GROUP SCORECARD Accountability and focus underpin all our work. Our new Scorecard is a yardstick of accountability and a cornerstone of our efforts for greater efficiency, impact, and results. This tool allows our shareholders and taxpayers to clearly see the impact we are making, rewarding their trust. CRISIS PREPAREDNESS AND RESPONSE TOOLKIT The World Bank Group is rolling out an expanded Crisis Preparedness and Response T oolkit to help developing countries better respond to crises and build resilience against future shocks. Climate Resilient Debt Clauses allow small states to prioritize disaster recovery over debt repayment when catastrophes hit.

Left: courage007/Shutterstock

Right: Gerardo Pesantez/World Bank

(Clockwise, from top left): Africadventures/Shutterstock, Dominic Chavez/International Finance Corporation, NicoElNino/Shutterstock, Emily Bartels-Bland/World Bank, T om Perry/World Bank 11 ICSID ANNUAL REPORT 202410 ICSID ANNUAL REPORT 2024ICSID RETROSPECTIVE ICSID has evolved significantly over the past fifteen years. Demand for ICSID’s services has grown in concert with an increase in foreign investment and an expanding network of international investment

11 ICSID ANNUAL REPORT 202410 ICSID ANNUAL REPORT 2024ICSID RETROSPECTIVE ICSID has evolved significantly over the past fifteen years. Demand for ICSID’s services has grown in concert with an increase in foreign investment and an expanding network of international investment agreements. By leveraging new technologies and modernizing procedural rules, ICSID has ensured world2009 305 cases registered 143 Member States 517 members of the ICSID Panels of Arbitrators and of Conciliators 34 ICSID staff members Meg Kinnear elected Secretary-General 2010 ICSID establishes its first electronic case management system First webcast of an ICSID arbitration hearing ICSID launches statistics report in English, French, and Spanish 2011 Qatar, Cabo Verde, Portugal, and Moldova join ICSID ICSID Review celebrates its 25th anniversary class quality and efficiency in its case administration services. And the sustained growth in membership has been a testament to the value States place in ICSID as the only global institution dedicated to international investment dispute settlement.

13 ICSID ANNUAL REPORT 2024

2012 South Sudan joins ICSID Y oung ICSID established 2013 Montenegro, Sao T ome and Principe, and Canada join ICSID 2014 San Marino signs the ICSID Convention ICSID introduces a state-of-the-art financial system for case-related transactions 2015 ICSID celebrates 50th anniversary ICSID registers its 500th case San Marino and Iraq join ICSID An updated website introduces new interactive databases Meg Kinnear elected to a second term as ICSID Secretary-General 2016 Nauru joins ICSID ICSID Secretariat grows to 70 staff members Gonzalo Flores and Martina Polasek elected Deputy Secretaries-General ICSID administers 254 cases 2017 ICSID begins process of updating its rules and regulations 2018 Mexico joins ICSID 2019

ICSID Secretariat grows to 70 staff members Gonzalo Flores and Martina Polasek elected Deputy Secretaries-General ICSID administers 254 cases 2017 ICSID begins process of updating its rules and regulations 2018 Mexico joins ICSID 2019 ICSID establishes new hearings facilities in Washington, D.C. 2020 Djibouti joins ICSID COVID-19 prompts ICSID hearings to go fully virtual ICSID and UNCITRAL begin work on the Code of Conduct for Arbitrators in International Investment Disputes 2021 Ecuador rejoins ICSID Meg Kinnear elected to a third term as Secretary-General ICSID launches a new mobile-friendly website 2022 ICSID Member States approve amended ICSID rules Kyrgyz Republic and Angola join ICSID 2023 ICSID and UNCITRAL finalize the Code of Conduct for Arbitrators in International Investment Disputes 2024 ICSID registered a total of 991 cases by June 30, 2024 158 Member States 731 members of the ICSID Panels of Arbitrators and of Conciliators 76 ICSID staff members Martina Polasek elected Secretary-General ICSID concludes a renewed cooperation agreement with the Lagos Regional Centre for International Commercial Arbitration. © ICSID San Marino signs the ICSID Convention. © ICSID12 ICSID ANNUAL REPORT 2024The 2024 fiscal year (FY2024) saw strong demand for ICSID’s services —with the second highest number of registered and administered cases in ICSID’s history. Also notable over the fiscal year was the sustained progress in enhancing diversity of arbitrators, conciliators, and ad hoc committee members appointed to ICSID cases.

This includes:  a recor d 49 nationalities were represented amongst the appointments made in FY2024  29% of all appointments involved women  50% percen

arbitrators, conciliators, and ad hoc committee members appointed to ICSID cases.

This includes:  a recor d 49 nationalities were represented amongst the appointments made in FY2024  29% of all appointments involved women  50% percen t of first-time appointees involved nationals of lowor middle-income economies Additional highlights in FY2024 include a record number of concluded proceedings, as ICSID continues to work with tribunals and parties to reduce the time of cases. Also, for the first time, a Regional Economic Integration Organization—the European Union—was a party to an ICSID proceeding.

ICSID CASELOAD

TRENDS

58 341 88

NEW CASES REGISTERED

CASES ADMINISTERED

PROCEEDINGS CONCLUDED

CASES ADMINISTERED AND REGISTERED IN FY2024

A total of 341 ICSID cases were administered in FY2024, compared to 329 the previous fiscal year. This is the second largest number of cases ever administered at ICSID in a single fiscal year. The figure amounts to 34% of ICSID’s lifelong caseload, which stands at 991 cases under the ICSID Convention and Additional Facility Rules as of June 30, 2024. ICSID ADMINISTERED CASES BY FISCAL YEAR A total of 58 new ICSID cases were registered in FY2024. The majority were arbitrations instituted under the ICSID Convention (53 cases), followed by arbitrations invoking the Additional Facility Rules (four cases) and one conciliation under the ICSID Convention.

CASES REGISTERED UNDER THE ICSID CONVENTION AND ADDITIONAL FACILITY IN FY2024

In addition, ICSID administered 17 cases governed by non-ICSID rules in FY2024. The majority (13 cases) applied the arbitration rules of the United Nations Commission on International Trade Law (UNCITRAL). ICSID provided full administrative services in most of these cases; acted as appointing authority in three cases; and provided hearing organization services in one case.

applied the arbitration rules of the United Nations Commission on International Trade Law (UNCITRAL). ICSID provided full administrative services in most of these cases; acted as appointing authority in three cases; and provided hearing organization services in one case.

FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016FY2015

NON-ICSID CASES ADMINISTERED BY THE SECRETARIAT (INVESTOR-STATE UNCITRAL ARBITRATIONS AND OTHER CASES)

ICSID CASES ADMINISTERED BY THE SECRETARIAT

341329 346332 303306 279 258247243 17221819 2117 14 14 910

ICSID CONVENTION ARBITRATION CASES

ICSID ADDITIONAL FACILITY ARBITRATION CASES

ICSID CONVENTION CONCILIATION CASES

53 4 1 15 ICSID ANNUAL REPORT 202414 ICSID ANNUAL REPORT 2024BASIS OF CONSENT TO ICSID PROCEEDINGS Arbitration and conciliation under the ICSID Convention and Additional Facility Rules are voluntary, and parties provide consent to ICSID jurisdiction in a variety of investment laws, contracts, and bilateral and multilateral treaties. The chart above identifies the instruments relied upon by the requesting parties in ICSID cases registered in the past fiscal year. As in previous years, parties instituted proceedings most frequently on the basis of bilateral or multilateral treaties. In 34 cases parties asserted ICSID jurisdiction on the basis of a bilateral investment treaty and nine cases were brought on the basis of the Energy Charter Treaty. Parties also instituted proceedings relying on the North American Free Trade Agreement (NAFTA) and the United States-Mexico-Canada Agreement (USMCA) (five cases, all of which relied on both the NAFTA and the USMCA), the Central America-Panama Free Trade Agreement (one case), and the Dominican RepublicCentral America Free Trade Agreement (one case). For the first time, two cases were brought on the basis of the Comprehensive and Progressive Agreement for Trans-Pacific

NAFTA and the USMCA), the Central America-Panama Free Trade Agreement (one case), and the Dominican RepublicCentral America Free Trade Agreement (one case). For the first time, two cases were brought on the basis of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, a case was brought on the basis of the Mexico-Peru Free Trade Agreement, and a case was brought based on the Canada-Panama Free Trade Agreement. A further four cases were based on contracts between an investor and host-State, and one case was brought under an investment law.

BASIS OF CONSENT TO ESTABLISH JURISDICTION IN FY2024

DISTRIBUTION OF CASES REGISTERED IN FY2024 BY REGION

2% Investment Laws

2% CAFTA-DR

2% Mexico-Peru Free Trade Agreement 2% Canada-Panama Free Trade Agreement 2% Central America-Panama Free Trade Agreement 10% Sub-Saharan Africa 10% Western Europe 7% Middle East & North Africa 2% REIO European Union 53% BIT s 14% ECT

7% NAFTA

7% United States-Mexico-Canada Agreement 6% Contracts 3% Comprehensive and Progressive Agreement for Trans-Pacific Partnership 24% Eastern Europe & Central Asia 19% South America 16% North America (Canada, Mexico, & U.S.) 12% Central America & the Caribbean STATE PARTIES TO ICSID PROCEEDINGS In FY2024, States from most geographic regions of the world were involved in ICSID proceedings. The largest share of cases registered in FY2024 involved States in Eastern Europe and Cen