The article discusses the criteria of the definition of «investment» and protecting the rights of foreign investors (diplomatic protection, judicial protection). Special attention is paid to questions of investment dispute settlement in the framework of the International center for settlement of investment disputes (International Centre for Settlement of Investment Disputes, ICSID) under the Convention on the settlement of investment disputes between States and natural and legal persons of other States 1965 (Washington Convention 1965), the competence of which is the resolution of legal disputes arising from relations connected with foreign investments, that is, relations between a foreign person (investor) and the state.
The author provides a detailed analysis of the Washington Convention of 1965, concluded that its provisions cover how to operate an international legal institution (ICSID), as well as regulate the procedure of the settlement of investment disputes. It is noted that, despite the fact that the arbitration and conciliation used in the resolution of investment disputes, based on the norms of international public law, established under the Washington Convention of 1965 on settlement of investment disputes (ICSID), is an international body and the rules of dispute resolution are contained in the text of the international agreements – the Washington Convention of 1965, which is intended to apply precisely to private law disputes.
THE LEGAL NATURE OF THE INTERNATIONAL CENTRE FOR SETTLEMENT OF INVESTMENT DISPUTES (ICSID)
