Jurisdiction — Article 25 of the icsid Convention — Intergovernmental agreement required that investment be in an “approved project” — Mutual fund — Waiver under Rule 27 of the Arbitration Rules — Estoppel

Jurisdiction — Article 25 of the icsid Convention — Intergovernmental agreement required that investment be made in the territory of the Contracting Party

Treaties — Interpretation of intergovernmental agreement — Extrinsic materials not to be used to interpret the agreement — Note verbale a source of confusion rather than clarity

Costs — Claimant appearing in person — Inequality of the position of the parties — Respondent’s successful argument not raised until second round of pleadings — No order for costs