Enhancing the cross-border transferability of aircraft and compliance with the Cape Town Convention
Recognizing the importance of harmonized regulations, practices, and streamlined processes in the context of cross-border aircraft transactions, a new agreement between ICAO and the Aviation Working Group (AWG) will facilitate capacity building initiatives for States, particularly in developing States, to further enhance safety and efficiency in these processes.
This work will focus on the critical areas of cross-border transferability of aircraft and compliance with the Convention on International Interests in Mobile Equipment and its Aircraft Protocol (the Cape Town Convention). It builds upon longstanding cooperation between the two organizations.The agreement encompasses the development of comprehensive implementation support, through the deployment of workshops, training, and Implementation Packages (iPacks) relating to the cross-border aircraft transfer process.
The Cape Town Convention is an essential instrument in promoting asset-based financing and leasing in the aviation sector, contributing to reducing financing costs and increasing access to capital for airlines and aircraft operators worldwide. It does so through a rules-based system designed to provide greater legal certainty. To help realize these benefits, this collaboration includes educational work relating to the requirements to implement and comply with the Convention.
This new agreement reflects the two organizations’ joint commitment to supporting States in unlocking the sustainable development benefits of aviation by enhancing the efficiency of aircraft-backed financial transactions.
ICAO’s Capacity Development and Implementation Programme provides advice and assistance in the development and implementation of projects across the full spectrum of civil aviation aimed at the safety, security, environmental protection, and sustainable development of national and international civil aviation. The Programme is executed by ICAO’s Capacity Development and Implementation Bureau (CDI). CDI provides a wide-ranging portfolio of services with cost-effective conditions and strict neutrality, objectivity, and transparency, as it does not represent any particular national or commercial interest, nor the interest of any donor in general.
The post Enhancing the cross-border transferability of aircraft and compliance with the Cape Town Convention appeared first on Uniting Aviation.
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