Established in 1965 by the ICSID Convention and based in Washington, D.C., ICSID is an arbitral institution that administers the settlement of investment disputes between governments and private sector foreign investors. Bilateral and multilateral investment treaties frequently provide for arbitration under the auspices of ICSID, which is chaired by the president of the World Bank. ICSID is one of the five institutions that make up the World Bank Group.