Foreign investment is perceived as one of the most significant factors for development and it is no accident that a key criterion for determining that an activity qualifies as an investment under the ICSID Convention is whether it contributes to the economic or other development of the host state. Investment tribunals have in recent years examined the ambit of regulatory powers of the host state in taking measures in response to an existing debt crisis, but investment tribunals have not conclusively, or unanimously, linked socio-economic rights with investment protection. This chapter will examine the sovereign debt-related awards of investment tribunals and how foreign investment may contribute to the accumulation of sovereign debt as well as how it may be used as a tool to decrease such debt.
Sovereign Debt and Human Rights (Oxford University Press), Ilias Bantekas, Cephas Lumina (eds.), pp. 129-145, 2018