Action brought on 22 July 2022 — EIB v Syria

(Case T-467/22)

(2022/C 359/109)

Language of the case: English

Parties

Applicant: European Investment Bank (represented by: D. Arts and E. Paredis, lawyers, T. Gilliams, R. Stuart and F. de Borja Oxangoiti Briones, agents)

Defendant: Syrian Arab Republic

Form of order sought

The applicant claims that the Court should impose on the Syrian Arab Republic the order:

—

for payment of all sums due to the applicant under Articles 3.01, 3.02 and 4.01 of the Euphrates Drainage and Irrigation Loan Agreement nr. 80211 (hereafter the ‘Loan Agreement’) since 25 August 2017, comprising: — EUR 1 959 745,31, being the amount due to the applicant as at 30 June 2022, which is all principal of EUR 1 680 510,04, interest of EUR 116 961,48 and contractual default interest (accrued from the due date to 30 June 2022) of EUR 162 273,79. — further contractual default interest, accruing at the annual rate of 3,5 % (350 basis points), until payment is made.

—	for payment of all costs related to the present proceedings pursuant to Article 134(1) of the Rules of Procedure.

Pleas in law and main arguments

In support of the action, the applicant relies on one plea in law.

First and only plea in law, alleging that the Syrian Arab Republic is in default of its contractual obligations under Articles 3.01 and 4.01 of the Loan Agreement to make payment of the further instalments under the Loan Agreement as they have fallen due since 25 August 2017, and under Article 3.02 of the Loan Agreement to make payment of default interest on each of the instalments due and not paid, accruing at the annual rate therein. Consequently, the Syrian Arab Republic is contractually obligated to pay all amounts due under Articles 3.01, 3.02 and 4.01 of the Loan Agreement.