Honduras moves to exit World Bank arbitration body

Honduras on Thursday took steps to exit a World Bank settlement body that is assessing a dispute with an autonomous zone claiming close to $10.8 billion in compensation from the government for alleged damages. The World Bank's International Centre for Settlement of Investment Disputes (ICSID) is assessing a complaint made by Honduras Prospera, an autonomous "free zone," or ZEDE, on the Central American nation's Caribbean coast. Honduras' Zones for Employment and Economic Development (ZEDEs) are special economic zones exempt from some national laws and taxes that were established to encourage investment.