European Investment Bank v Syrian Arab Republic

Arbitration – Agreement. In accordance with art 272 of the Treaty on the Functioning of the European Union (TFEU), the Court of Justice of the European Union had jurisdiction to give judgment pursuant to any arbitration clause contained in a contract concluded by or on behalf of the EU, whether that contract be governed by public or private law. In accordance with art 256(1) TFEU, the General Court generally had the jurisdiction to hear and determine at first instance actions or proceedings referred to in art 272 TFEU. Consequently, the General Court granted the European Investment Bank judgment in default against Syria in relation to sums due under a loan agreement entered into by the parties concerning the reinforcement of the electricity distribution system in Syria, plus default interest on the principal amounts and the contractual interest.

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