On April 21, Kyrgyzstan deposited with the World Bank a document on ratification of the convention of the International Centre for Settlement of Investment Disputes (ICSID). Representative office of the WB in the Kyrgyz Republic reports.
Thus, the country completes the process of joining the world’s leading institution for resolving international investment disputes.
«Joining ICSID is an important element of our strategy to leverage cross-border investment and trade for sustainable economic development. Today, we are sending a clear signal of our commitment to the legal and regulatory framework for resolving disputes in accordance with the highest international standards,» the Cabinet Chairman Akylbek Japarov said.
The head of the Cabinet considers an agreement related to Kumtor mining project as a recent example of the use by Kyrgyzstan of the legal framework and procedures to resolve international disputes.
Kyrgyzstan will become the 157th state party to ICSID, which was established in 1966 to promote investment between countries by providing an independent, depoliticized platform for arbitration, conciliation, mediation and fact-finding.
