Equatorial Guinea becomes the 166th signatory of the ICSID Convention

An ICSID press release confirmed on 13 June 2024 that the central African state joins the list of African states who have signed the Convention on the Settlement of Investment Disputes between States and Nationals of Other States (“ICSID Convention”). Equatorial Guinea must ratify the Convention before it will come into force for that member state. Equatorial Guinea follows in the steps of Angola and Djibouti who ratified the ICSID Convention in 2022 and 2020 respectively.

According to its Ambassador to the US, signing the ICSID Convention evidences Equatorial Guinea’s “commitment to promote and protect foreign investment, including by ensuring strong legal guarantees to foreign investors”. Effective since 1966, the ICSID Convention provides an institutional and legal framework for resolving international investment disputes. It aims to encourage investment between member states by offering an independent forum for arbitration, conciliation and fact-finding.

Equatorial Guinea’s signature of the ICSID Convention also adds to the numerous pro-arbitration steps being taken on the African continent, such as Nigeria’s recent enactment of its new Arbitration and Mediation Act and the signing of the Arbitration Foundation of Southern Africa – Southern African Development Community charter which took place at the inaugural Johannesburg Arbitration week in April of 2024.

Update: 29 July 2024: On 24 July 2024, Equatorial Guinea deposited its instrument of ratification of the ICSID Convention with the World Bank. As a result of Article 68(2), the ICSID Convention will come into force for Equatorial Guinea on 23 August 2024, making it the 159th contracting party to the Convention.