EIB v Syria (Arbitration clause - Water Supply Sweida Region Loan Agreement - Judgment)

(Arbitration clause — Water Supply Sweida Region Loan Agreement No 80212 — Non-performance of the agreement — Repayment of the sums advanced — Default interest — Procedure by default)

European Investment Bank (EIB), 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,

ACTION pursuant to Article 272 TFEU, seeking an order that the Syrian Arab Republic repay sums due under Water Supply Sweida Region Loan Agreement No 80212, plus default interest,

composed of G. Berardis, President, D. Spielmann and Z. Csehi (Rapporteur), Judges,

By virtue of Article 1.01 of the general conditions of the loan agreement, read in conjunction with Article 1.01 of the special conditions, and of Article 1.02 of the general conditions of that agreement, the European Economic Community granted the Syrian Arab Republic a loan of 3 200 000 European Currency Units to be disbursed on request. By virtue of Article 4.01 of the general conditions of that agreement, the Syrian Arab Republic was to repay the loan in half-yearly instalments.