Also known as the Washington Convention. The 1965 Convention on the Settlement of Investment Disputes between States and Nationals of Other States that created the International Centre for the Settlement of Investment Disputes (ICSID). The purpose of the ICSID Convention is to encourage cross-border investment in developing states by providing an effective means of enforcing contractual rights. The US became a party to the ICSID Convention when it became effective in the US on October 14, 1966.