62017TJ0588_INF
Judgment of the General Court (Sixth Chamber) of 6 June 2019 –EIB v Syria
(Case T‑588/17)
(Arbitration clause — Euphrates Drainage and Irrigation Loan Agreement No 80211 — Non-performance of the agreement — Repayment of the sums advanced — Default interest — Procedure by default)
1.
Judicial proceedings — General Court seised under an arbitration clause — Loan agreement concluded between the European Investment Bank and Syria — Jurisdiction of the General Court defined by Articles 256 and 272 TFEU and the arbitration clause
(Arts 256(1) and 272 TFEU)
(see paras 14, 15)
2.
Judicial proceedings — General Court seised under an arbitration clause — Loan agreement concluded between the European Investment Bank and Syria — Breach by Syria of its contractual obligations — Action brought by the Bank on behalf of the European Union — Admissibility — Commission instructing the Bank to initiate recovery procedures on behalf the European Union
(Arts 256(1) and 272 TFEU)
(see paras 18-20)
3.
Judicial proceedings — Application initiating proceedings — Formal requirements — Identification of the subject matter of the dispute — Brief summary of the pleas in law on which the application is based — Application in the context of a loan agreement for any installments falling due and remaining unpaid after the date of the application — Hypothetical circumstances not yet established — Inadmissibility
(Rules of Procedure of the General Court, Art. 76(d))
(see paras 22-26)
Re:
Action pursuant to Article 272 TFEU, seeking an order that the Syrian Arab Republic repay sums due under Euphrates Drainage and Irrigation Loan Agreement No 80211, plus default interest.
Operative part
The Court:
1.
Orders the Syrian Arab Republic to repay the European Union, represented by the European Investment Bank (EIB), the sum of EUR 2184 271.58;
2.
Declares that that sum is to bear default interest, on the principle amounts and on the contractual interest, at the annual rate of 3.5%, from 25 August 2017 until the date that payment is made;
3.
Dismisses the action as to the remainder;
4.
Orders the Syrian Arab Republic to pay the costs.