Information;Judgment — ECLI:EU:T:2023:663
Date: 2023-10-18
Language of the case: English
Subject matter: Financial provisions
Procedure: Arbitration clause - successful

Action brought on 22 July 2022 – EIB v Syria (Case T-469/22) Language of the case: English Parties Applicant: European Investment Bank (represented by: D. Arts and E. Paredis, lawyers, T. Gilliams, R. Stuart and F. de Borja Oxangoiti Briones, agents) Defendant: Syrian Arab Republic Form of order sought The applicant claims that the Court should impose on the Syrian Arab Republic the order: for payment of all sums due to the EU under Articles 3.01, 3.02 and 4.01 of the Electricity Distribution Project Loan Agreement, nr. 20948 (hereafter the “Loan Agreement”) since 9 August 2017 further to its right of subrogation comprising: EUR 28 777 508.71, the amount due to the EU as at 30 June 2022, which is all principal of EUR 27 388 963.40, interest of EUR 116 091.27 and contractual default interest (accrued from the due date to 30 June 2022) of EUR 1 272 454.04. further contractual default interest, accruing at an annual rate equal to the higher (for any given relevant period) of (i) the relevant interbank rate plus 2% (200 basis points) or (ii) the rate payable under Article 3.01 plus 0.25% (25 basis points), until payment is made. for payment of all costs related to the present proceedings pursuant to Article 134(1) of the Rules of Procedure. Pleas in law and main arguments In support of the action, the applicant relies on one plea in law. First and only plea in law, alleging that the Syrian Arab Republic has breached its contractual obligations under Articles 3.01 and 4.01 of the Loan Agreement to make payment of the further instalments under the Loan Agreement as they have fallen due, since 9 August 2017 and under Article 3.02 of the Loan Agreement to make payment of default interest on each of the instalments due and not paid, accruing at the annual rate therein. Consequently, the Syrian Arab Republic is contractually obligated to pay all amounts due under Articles 3.01, 3.02 and 4.01 of the Loan Agreement to the applicant (subrogated to the European Investment Bank’s claims). ____________