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Case T-467/22: Judgment of the General Court of 18 October 2023 — EIB v Syria (Arbitration clause — Loan agreement concerning a project for the rehabilitation of saline soils and the prevention of further salinisation of agricultural lands in a third country — Non-performance of the agreement — Repayment of the sums advanced — Default interest — Procedure by default)
ECLI:EU:UNKNOWN:62022TA0467
62022TA0467
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Official Journal of the European Union
Series C
C/2023/1153
(Case T-467/22) (*)
(Arbitration clause - Loan agreement concerning a project for the rehabilitation of saline soils and the prevention of further salinisation of agricultural lands in a third country - Non-performance of the agreement - Repayment of the sums advanced - Default interest - Procedure by default)
(C/2023/1153)
Language of the case: English
Parties
Applicant: European Investment Bank (represented by: T. Gilliams, R. Stuart and F. Oxangoiti Briones, acting as Agents, and by D. Arts and E. Paredis, lawyers)
Defendant: Syrian Arab Republic
Re:
By its action based on Article 272 TFEU, the European Investment Bank (EIB) requests that the Syrian Arab Republic be ordered to pay the European Union, which it represents, the sum of EUR 1 959 745,31, together with interest, under Loan Agreement No 80211 concerning the financing of a project for the rehabilitation of saline soils and the prevention of further salinisation of agricultural lands in the lower Euphrates valley (Syria).
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 1 959 745,31 representing the principal amounts and the contractual and default interest due on 30 June 2022;
2.Declares that the sum of EUR 1 680 510,04 comprising the principal amounts is to bear default interest at the annual rate of 3,5 % from 30 June 2022 until the date that payment is made;
3.Orders the Syrian Arab Republic to pay the costs.
(*)
Language of the case: English.
ELI: http://data.europa.eu/eli/C/2023/1153/oj
ISSN 1977-091X (electronic edition)