CAIRO: The Tuesday ruling in Egypt’s favor at the International Center for Settlement of Investment Disputes helps “improve Egypt’s reputation,” said Ezzat Auda, head of State Litigation Authority at a Saturday press conference, reported Al Bawaba News Gate.
The ICSD, an international arbitration court under the umbrella of the World Bank, ruled Tuesday in favor of Egypt, which was being sued for $833 million by H&H Enterprises Investment .
H&H had demanded compensation from the Egyptian government for losses they claim were incurred by the termination of a contract in 1989 for managing a hotel in Ain Sokhna.
Auda said the ICSID’s judgment is the second of its kind in favor of Egypt at one month, adding out that the first judgment was between Egypt and the National Gas Company.
Auda added that the last gained cases are “signs of Egypt’s respect for its international conventions” along with the appropriate climate for investment in Egypt.