The ICSID Convention, formally known as the Convention on the Settlement of Investment Disputes between States and Nationals of Other States, was established in 1965. It provides a framework for resolving disputes between foreign investors and host countries through arbitration. The convention aims to promote international investment by ensuring that disputes are handled fairly and efficiently. The International Centre for Settlement of Investment Disputes (ICSID) administers the convention and offers a neutral platform for arbitration. Member countries can submit disputes to ICSID, which helps facilitate a resolution that is binding and enforceable, thereby enhancing investor confidence in international investments.