In the arbitration initiated by Sacyr against the Republic of Panama, under the Agreement on the Promotion and Reciprocal Protection of Investments between the Kingdom of Spain and the Republic of Panama (BIT), the arbitral tribunal has recently issued a decision in which it declares that, contrary to what was argued by the Republic of Panama, the actions of the ACP can be attributed to the Republic of Panama: thus one of the requirements for such actions to be subject to review under said international treaty is fulfilled.
