CELEX: 62017TA0588
Language: en
Date: 2019-06-06 00:00:00
Title: Case T-588/17: Judgment of the General Court of 6 June 2019 –EIB v Syria (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)

19.8.2019   
            
            
               EN
            
            
               Official Journal of the European Union
            
            
               C 280/36
            
         
      Judgment of the General Court of 6 June 2019 –EIB v Syria
      (Case T-588/17) (1)
      
      (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)
      (2019/C 280/51)
      Language of the case: English
      
         Parties
      
      
         Applicant: European Investment Bank (represented by: 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 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 Euphrates Drainage and Irrigation Loan Agreement No 80211, 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 2 184 271,58;
                  
               
            
                  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.
                  
               
            
         (1)  OJ C 369, 30.10.2017.