CELEX: 62017TA0540
Language: en
Date: 2019-06-06 00:00:00
Title: Case T-540/17: Judgment of the General Court of 6 June 2019 — EIB v Syria (Arbitration clause — Electricity Distribution Project Loan Agreement No 20948 — Non-performance of the agreement — Repayment of the sums advanced — Default interest — Procedure by default)

29.7.2019   
            
            
               EN
            
            
               Official Journal of the European Union
            
            
               C 255/32
            
         
      Judgment of the General Court of 6 June 2019 — EIB v Syria
      (Case T-540/17) (1)
      
      (Arbitration clause - Electricity Distribution Project Loan Agreement No 20948 - Non-performance of the agreement - Repayment of the sums advanced - Default interest - Procedure by default)
      (2019/C 255/41)
      Language of the case: English
      
         Parties
      
      
         Applicant: European Investment Bank (represented initially by P. Chamberlain, T. Gilliams, F. Oxangoiti Briones and J. Shirran, and subsequently by F. Oxangoiti Briones, J. Klein and J. Shirran, acting as Agents, and by D. Arts, lawyer, and T. Cusworth, Solicitor)
      
         Defendant: Syrian Arab Republic
      
         Re:
      
      Action pursuant to Article 272 TFEU, seeking an order that the Syrian Arab Republic repay sums due under Electricity Distribution Project Loan Agreement No 20948, plus default 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 52 657 141,77;
                  
               
            
                  2.
               
               
                  
                     Declares that that sum is to bear default interest, on the principal amounts and on the contractual interest, calculated in accordance with the method laid down in Article 3.02 of Electricity Distribution Project loan agreement No 20948, entered into by the EIB and the Syrian Arab Republic on 5 February 2001 and amended by the letters of 3 October 2003, 28 February 2006, 9 May and 8 October 2007, from 9 August 2017 up to the date that payment is made;
                  
               
            
                  3.
               
               
                  
                     Dismisses the action as to the remainder;
                  
               
            
                  4.
               
               
                  
                     Orders the Syrian Arab Republic to pay the costs.
                  
               
            
         (1)  OJ C 369, 30.10.2017.