Judgment;Information — ECLI:EU:T:2023:659
Date: 2023-10-18
Language of the case: English
Subject matter: European Investment Bank (EIB);External relations;Economic, financial and technical cooperation with third countries
Procedure: Arbitration clause - successful

Judgment of the General Court of 18 October 2023 – EIB v Syria (Case T-456/22) 1 (Arbitration clause – Loan agreement concerning the design, construction or installation and commissioning of infrastructure and equipment in a third country – Non-performance of the agreement – Repayment of the sums advanced – Default interest – Procedure by default) Language of the case: English Parties Applicant: European Investment Bank (represented by: T. Gilliams, R. Stuart and F. Oxangoiti Briones, acting as Agents, and by D. Arts and E. Paredis, lawyers) Defendant: Syrian Arab Republic Re: By its action based on Article 272 TFEU, the European Investment Bank (EIB) requests that the Syrian Arab Republic be ordered to pay the European Union, which it represents, the sum of EUR 18 440 034.97, together with interest, under Loan Agreement No 22057 concerning the design, construction or installation and commissioning of infrastructure and equipment in the multi-purpose port of Tartous (Syria) (‘the loan agreement’), and to pay it the sum of EUR 5 405.54, which has not been called, representing the default interest on the instalment due on 20 May 2022, accrued up to 14 June 2022, the date on which the European Union paid the related instalment of principal and contractual interest. Operative part of the judgment The Court: 1. Orders the Syrian Arab Republic to repay the European Union, represented by the European Investment Bank (EIB), the sum of EUR 18 440 034.97 representing the principal amounts and the contractual and default interest due on 30 June 2022 and the EIB the sum of EUR 5 405.54 representing the default interest on the instalment due on 20 May 2022, accrued up to 14 June 2022, which has not been called by the EIB; 2. Declares that the sum of EUR 13 942 526 comprising the principal amounts is to bear default interest, in accordance with the method laid down in Article 3.02 of Loan Agreement No 22057 concerning the design, construction or installation and commissioning of infrastructure and equipment in the port of Tartous (Syria), entered into by the EIB and the Syrian Arab Republic on 22 May 2003 and amended on 17 May 2006, 21 May 2007 and 10 July 2008, from 30 June 2022 until the date that payment is made; 3. Orders the Syrian Arab Republic to pay the costs. ____________ 1 OJ C 359, 19.9.2022.