Latin American states are actively exploring alternative mechanisms to the ICSID state-investor dispute mechanism which they claim has investor bias.
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ICSID, a World Bank arm for investor-state dispute arbitration, ruled that the $250 million case brought by Pac Rim Cayman against El Salvador in 2009 was without merit.
Civil society challenges ICSID role in El Salvador mining dispute as international lawyer accuses the arbitration forum of being “seriously flawed”
The World Bank was accused of “behaving like vultures, like loan sharks” by US NGO 50 Years is Enough Campaign after it offered to help finance emergency relief efforts in El Salvador in the wake of January’s earthquake.
El Salvador is planning to make the US dollar legal tender in January as part of efforts to strengthen the country’s economy.