Introduction

I offer the following thoughts regarding the characterization of "debt instruments" as "investments" under investment treaties and the ICSID Convention. There are a number of categories of loans and other debt instruments. The coverage of debt as an "investment" in connection with "enterprises" is not surprising. With respect to loans by commercial lenders, whether to private enterprises or to public sector borrowers, there are also a number of features that may affect how one views those financings for investment treaty purposes. ...