Originally from the Journal of Damages in International Arbitration

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Banco Bilbao Vizcaya Argentaria S.A. v. Plurinational State of Bolivia, ICSID Case No. ARB(AF)/18/5 

Award, 12 July 2022 

Timothy McKenzie1 

The Parties 

Banco Bilbao Vizcaya Argentaria S.A. (Claimant); Plurinational State of Bolivia (Respondent) 

Sector 

Finance 

Applicable Treaty 

Agreement for the Reciprocal Promotion and Protection of Investments between the Kingdom of Spain and the Republic of Bolivia, dated October 29, 2001 (Spain-Bolivia BIT) 

Members of the Tribunal 

Stanimir A. Alexandrov (president, appointed by the chair of the International Center for Settlement of Investment Disputes (ICSID) Administrative Council); Valeria Galíndez (Claimant’s appointee); and Yves Derains (Respondent’ appointee) 

1. Background 

In 1996, Bolivia adopted a new pension law pursuant to which individuals’ pension contributions were to be administered by private entities known as administradoras de fondos de pensiones (pension fund administrators or AFPs).2