Chapter 16: International investment law and dispute resolution
In a 1994 Foreword to a collection of essays by Aron Broches, Judge Stephen M. Schwebel, of the International Court of Justice in the Hague, begins: “Aron (‘Ronnie’) Broches was ‘present at the creation,’ in Bretton Woods fifty years ago, of those two great international financial institutions of our time: the International Bank for Reconstruction and Development (‘The World Bank’), and the International Monetary Fund” (Schwebel, 1994, p. ix). Secretary of the Netherlands delegation to the1944 Bretton Woods Conference, Broches joined the Bank’s legal department two years later. In a keynote address delivered at the 1963 World Conference on “World Peace Through Law” in Athens, Greece, Broches – then serving as the Bank’s General Counsel – clearly and cogently introduced the World Bank’s centerpiece project to stimulate foreign direct investment to the developing world: International investment has become one of the major features of the partnership between the richer and the poorer nations and its promotion a matter of urgent concern to capital-importing and capital-exporting countries alike. This is particularly true of private foreign investment which, if wisely conducted, can make great contributions to the development of the economies of the recipient countries.
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