This paper aims to summarize the arbitration system created under the Convention on the Settlement of Investment Disputes between States and Nationals of Other States (the ICSID Convention). Firstly, it addresses the origin and purposes of ICSID (or the Center), established in 1966 pursuant to the referred convention, as well as its nature and organization. Secondly, the main characters of the ICSID mechanism for settlement of investment disputes are addressed by defining the Jurisdiction of the Center.
Additionally, the paper deals with ICSID arbitration proceedings, with specific reference both to delocalized arbitration as the main feature of ICSID awards, and the Additional Facility Rules. Finally, the present status of the ICSID Convention is analyzed, covering both the reasons for the recent proliferation of ICSID arbitration and the challenges it will probably have to face in the forthcoming years