- Definition of investment
This chapter provides a detailed, stage-by-stage narrative of the drawing up of the text of the Convention between 1962 and 1965. The day after the adoption of the resolution, the President of the Bank addressed a letter to all member countries notifying them, as planned, that they could each designate a representative to serve on the committee of legal experts which would commence its work the next month. Enclosed with the President’s letter was a first Draft Convention on the Settlement of Investment Disputes between States and Nationals of Other States (the First Draft). It was to serve as a working paper for the meetings of the committee. The chapter describes the First Draft, the meetings of the committee of legal experts and the concluding steps in the formulation of the Convention.