For many years the
perceived wisdom has been that investment arbitration in in place to protect
commercial entities or individual pursuing activities through economic
activity. Still, nothing in the language of international investment agreement
(IIA) appears to suggest that such limitation exists. Activities of
not-for-profit (NFP) entities (which vary in terms of form from jurisdiction to
jurisdiction) may well constitute investment which can be protected via
investment arbitration. Should NFP entities be able to bring such claims they
are still faced with several procedural and jurisdictional challenges.