Equatorial Guinea Signs the ICSID Convention

WASHINGTON, D.C., June 13, 2024 — The Republic of Equatorial Guinea’s Ambassador to the United States, H.E. Crisantos Obama Ondo, signed the Convention on the Settlement of Investment Disputes between States and Nationals of Other States, also known as the ICSID Convention on behalf of Equatorial Guinea today.

The ICSID Convention, which entered into force in 1966, establishes the institutional and legal framework for resolving international investment disputes. It was created to facilitate investment amongst countries by providing an independent, depoliticized forum for arbitration, conciliation, and fact-finding.

Equatorial Guinea becomes the 166th State to sign the Convention. The Convention must now be ratified before coming into force for Equatorial Guinea.

Once in force, Equatorial Guinea will participate in the governance of ICSID through representation on its governing body, the Administrative Council. Each ICSID Member State has one representative—and one vote—on the Administrative Council. Its responsibilities include approving rules of procedure for ICSID cases and electing the ICSID Secretary-General and Deputy Secretaries-General. ICSID Member States also have the right to name arbitrators and conciliators to the ICSID Panels.

"In collaboration with the World Bank Group, Equatorial Guinea is undertaking a comprehensive approach to enhancing its investment climate and ICSID is pleased to be a part of that process." said Meg Kinnear, ICSID Secretary-General. “We look forward to Equatorial Guinea taking a seat on the ICSID Administrative Council.”

“Today’s signing reflects Equatorial Guinea’s commitment to promote and protect foreign investment, including by ensuring strong legal guarantees to foreign investors,” said Ambassador Ondo. “The signing also comes at a crucial moment as the Government revitalizes its investment plan across new sectors to promote sustainable national development.”