October 25, 2024. ICSID publishes its Annual Report which presents in detail the activities carried out by the Center during the last financial year (July 1, 2023 – June 30, 2024).
At its fifty-eighth annual session held earlier today in Washington, DC, the ICSID Administrative Council approved the Annual Report and the Center’s administrative budget for fiscal year 2025. The Administrative Council meets annually on the occasion of the Annual Meetings of the Boards of Governors of the World Bank Group and the International Monetary Fund.
In her final Annual Report as ICSID Secretary General, Meg Kinnear shared a reflection on her 15 years of work at ICSID. “ICSID has grown in every way over this period, and I am very proud of what we have accomplished together,” she wrote in her introductory message.
Martina Polasek, who was elected Secretary General of ICSID earlier this year, began her term on July 1, 2024.
“I would like to thank the representatives of our Member States, our clients, as well as my colleagues at ICSID, for their support in taking up my new role. I look forward to working with you during the upcoming financial year, and reporting to you on the progress to come,” she said in her message.
The Annual Report provides valuable insight into the matters administered by ICSID during the fiscal year. Notable points include:
- In FY 2024, ICSID administered a total of 341 cases. This is the second largest number of cases ever administered by ICSID in a single fiscal year. In addition, ICSID administered 17 cases governed by the Arbitration Rules of the United Nations Commission on International Trade Law (UNCITRAL) or by rules other than those of ICSID.
- 58 new cases were registered under the ICSID procedural rules.
- 88 cases were concluded, a record number that reflects ICSID’s commitment to time and cost efficiency.
- A record 49 nationalities are represented in appointments made in fiscal year 2024.
The Annual Report also provides updates on membership and nominations for inclusion on the ICSID Panels of Conciliator Arbitrators. Key developments in this regard include:
- On June 13, 2024, Equatorial Guinea became the last State to have signed the ICSID Convention. As of June 30, 2024, 166 States have signed the ICSID Convention and 158 States have ratified it.
- 21 member states nominated 74 individuals for inclusion on the ICSID lists of arbitrators and conciliators. In addition, Ajay Banga, the President of the World Bank Group, who is also the Chairman of the ICSID Administrative Council, has appointed 10 people to the list of arbitrators and 10 people to the list of conciliators.
As in previous years, the Annual Report presents:
- An overview of the wide range of training and information dissemination activities
- The financial statements of the Center
For more information, please view the full Report in English, French or Spanish.
