Introduction

Bolivia, Cuba, Nicaragua, and Venezuela recently declared their intention to withdraw from the World Bank and IMF. Of these ALBA countries, all except Cuba have ratified the ICSID Convention and been parties to arbitrations under the auspices of the World Bank’s International Centre for the Settlement of Investment Disputes (ICSID). On May 2, 2007, Bolivia, following through on its promise, became the first country ever to denounce the ICSID Convention. Venezuela subsequently affirmed that it too intends to denounce the ICSID Convention. The statements by Venezuela are of ...