29.7.2019

Official Journal of the European Union

C 255/32

(Case T-540/17) (*)

(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.

(*) Language of the case: English.

(OJ C 369, 30.10.2017)