Ann: Activities Update - March 2024, page-7

All the talk on distributions is premature.

There is no enforcement mechanism for ICSID or IDA to make Tanzania pay. The main reasons I have thought Tanzania would pay are:

• Attorney General gave an undertaking to pay, but this was a precondition for Tanzania to appeal case.
• World Bank funding- but if you read recent World Bank's and IMF reports they mention nothing about ICSID awards, noting Tanzania has a few outstanding.
• Confiscation of assets from state owned entities like Air Tanzania- but they no longer fly to jurisdictions where courts would be amenable to seizure as in Sweden.

I had previously bought in on the Attorney General undertaking but after looking into the quantum of funds and the fact they have other awards outstanding plus cases on foot, I think there is a high risk that after ICSID award Tanzania goes radio silence. I ended up exiting for a loss and wish holders well.