Angola became the latest country to join the International Center for Settlements of Disputes (ICSD) in its bid to boost private sector participation and place its economy on the pedestal.
At the ceremony, the Angolan Ambassador to United States of America, His Excellency, Dr. Joaquim do Espirito Santo who signed the Convention on the Settlement of Investment Disputes between States and Nationals of Other States (the ICSID Convention) on July 14, 2022, on behalf of the Government and People of Angola, commended the World Bank Group for the strong support to developing countries, especially Angola. He pledged the preparedness of Angola to create the conducive environment for the private sector to thrive in Angola and elsewhere.
In her remarks, the Secretary General of ICSID, Meg Kinnear said, “Today’s signature of the Convention demonstrates the importance Angola places on foreign investment for its economic and social development and the concrete steps the country is taking to attract, retain and expand investment.” ED Armando who was visibly happy with the development remarked that with Angola becoming the 50th African State to sign the ICSID Convention, Africa has indeed played an important role in the development of ICSID and promised the readiness of his Angolan authorities to ratify the Convention soon.