Through Resolution no. 63/21, of 1 September, Angola adhered to the Convention for the Settlement of Disputes arising from Foreign Investment (ICSID), also known as the Washington Convention.
The ICSID Convention entered into force in 1966 and aims to promote investment and globalization by allowing investors to benefit from a neutral, fast, and efficient means of alternative dispute resolution that allows for the definitive resolution of any disputes that may arise between the State and investors.
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The adhesion of the ICSID Convention and the recent ratification of the New York Convention on the Recognition and Enforcement of Foreign Arbitral awards are big steps in the foreign investment attraction policies that Angola has been implementing, thus guaranteeing an increasingly stable and secure investment environment in the country.
Following the adhesion, Angola must regulate the form in which access to the ICSID Convention jurisdiction is provided since Angola has three alternatives to consent:
– In the Bilateral Investment Treaties;
– Directly through the national investment law;
– In the investment contracts to be entered into with foreign investors.