January 27, 2012

Venezuela Announces “Irrevocable” Withdrawal from World Bank’s Arbitration Body

Mérida, 26th January 2012 (Venezuelanalysis.com) – The Venezuelan government has announced Venezuela’s “irrevocable” withdrawal from the World Bank affiliated arbitration body the International Centre for Settlement of Investment Disputes (ICSID).

According to an official statement released by Venezuela’s Foreign Ministry on Wednesday this week, the move has been taken on the grounds of defending national sovereignty and “to protect the right of the Venezuelan people to decide the strategic orientation of the social and economic life of the nation”. Read more.

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