Information;Judgment — ECLI:EU:T:2023:658
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-455/22) 1 (Arbitration clause – Loan agreement concerning a water supply project 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 652 218.70, together with interest, under Loan Agreement No 80212 concerning the financing of a water supply project in the Sweida region (Syria). 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 652 218.70 representing the principal amounts and the contractual and default interest due on 30 June 2022; 2. Declares that the sum of EUR 559 287.10 comprising the principal amounts is to bear default interest at the annual rate of 3.5% 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.