Africa-Press – Angola. The Republic of Angola signed this Thursday, at the headquarters of the World Bank, in Washington DC, United States of America (USA), the Adhesion Convention to the International Center for Settlement of Investment Disputes (ICSID).
On the occasion, the Angolan ambassador to the USA, Joaquim do Espírito Santo, representing the Head of State, João Lourenço, stressed that the signing of this instrument of adhesion is a strong sign of the Executive’s commitment, which “has carried out an arduous work of alignment with the highest international standards of business conduct”.
For the diplomat, the important gesture made today is the latest in a series of decisive steps taken by the Angolan government to transform the economy and ensure a sustainable and prosperous future for the people.
He added that the path that Angola has taken has not been an easy one, generations of injustice, corruption, exploitation and civil war have marked the past. He admitted that, although blessed with an abundance of natural resources, Angola has failed to turn them into security and prosperity.
According to the ambassador, quoted in a statement from the country’s diplomatic representation in the United States of America, these factors denied the people the opportunity to pursue their dreams.
Joaquim do Espírito Santo also said that Angola had turned the page towards a new era, under the leadership of President João Lourenço, giving “beginning of a monumental and irreversible undertaking, with the execution of several ambitious programs of reform and economic modernization, peace and security regional level and good governance”.
He mentioned that foreign investment plays a crucial role in sustaining this important mission. “We are strongly focused on creating the necessary legal and regulatory framework to attract and protect international investment,” she added.
Created in 1966, ICSID, the only institution of the World Bank Group (WB) to which Angola was not yet a member, is one of the five organizations of the BM Group (along with the International Bank for Reconstruction and Development (IBRD), the International Development Association (IDA), the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA).
Each organization fulfills a different function, but they all promote the common goals of reducing extreme poverty and increasing the sharing of prosperity. ICSID contributes to these objectives by providing an impartial forum for the resolution of international disputes.
As a member, the Angolan State will be able to participate in the governance of the ICSID through representation on the Administrative Council, propose amendments to the Convention and the rules, as well as develop expertise in resolving disputes on international investments.
Members also have access to specialized dispute settlement on international investments, in accordance with the ICSID Convention and the Additional Mechanism Rules.
Only a State that has signed the Convention is eligible to deposit an instrument of ratification, acceptance or approval and thus become a contracting party to the ICSID.
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