CELEX: 62017TA0541
Language: en
Date: 2019-06-06 00:00:00
Title: Case T-541/17: Judgment of the General Court of 6 June 2019 — EIB v Syria (Arbitration clause — Electricity Transmission Project Loan Agreement No 20868 — 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 255/33
            
         
      Judgment of the General Court of 6 June 2019 — EIB v Syria
      (Case T-541/17) (1)
      
      (Arbitration clause - Electricity Transmission Project Loan Agreement No 20868 - Non-performance of the agreement - Repayment of the sums advanced - Default interest - Procedure by default)
      (2019/C 255/42)
      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 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 Transmission Project Loan Agreement No 20868, 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 sums of EUR 38 934 400,51 and 3 383 971,66 Swiss francs (CHF);
                  
               
            
                  2.
               
               
                  
                     Declares that those sums are to bear default interest, in accordance with the method laid down in Article 3.02 of Electricity Transmission Project loan agreement No 20868, entered into by the EIB and the Syrian Arab Republic on 14 December 2000 and amended on 20 December 2004, on the principal amounts and on the contractual interest, 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.