December 7, 2013
Gov't to pay 500 M to end ICSID disputes
The government will offer to pay about 500 million dollars to five companies in compensation to resolve disputes filed at the World Bank's International Centre for Settlement of Investment Disputes (ICSID).
The payment, to be made in sovereign bonds, will go to five companies that have filed complaints at the ICSID.
Economy Minister Hernan Lorenzino, in Washington this week for World Bank and International Monetary Fund meetings, aims to unlock up to $1.8 billion credit lines from those institutions, something which the United States has made efforts to block due to Argentina's disputes with US companies.
According to government sources, the decision was going to be announced at noon, in a videoconference held by both acting president, Amado Boudou, and Economy Minister Hernán Lorenzino from New York, but was cancelled due to problems in the satellite connection.