Interpretation — Article 25(1) of the icsid Convention — Characterization of a legal dispute — Conflict of rights vs. conflict of interests — Question of legal rights and obligations in connection with investment — Characterization of “investment” — Loans and promissory notes as investment — Purchase and assignment of promissory notes foreseen

Treaties — Bilateral investment treaty — Investment broadly defined under treaty — Standard approach of bilateral and multilateral investment treaties — Practice of State Party consistent in relation to its other bilateral and multilateral investment treaties — State Party has not exercised right under Article 25(1) of the icsid Convention to exclude any class of investment

Municipal law — Promissory notes issued in compliance with Commercial Code and Law on Public Credit — Payments authorized at highest level of government — Budgetary appropriation by Congress to finance payments

Jurisdiction — icsid jurisdiction specifically provided for in bilateral investment treaty — Sources of applicable law including internal law, the Investment Agreement, general principles of international law