Recognizing the importance of harmonized regulations, practices, and streamlined processes in the context of cross-border aircraft transactions, a new agreement between the International Civil Aviation Organization (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.
