ICAO: INTERNATIONAL TREATY CUTS AIRCRAFT FINANCING, LEASING COSTS
An international treaty on financing and leasing of aircraft was signed Friday at the conclusion of a conference of the International Civil Aviation Organization (ICAO) and the International Institute for the Unification of Private Law (UNIDROIT).
The new legal instrument sets the rules and reduces the cost of such transactions, ICAO said in a statement.
The treaty provides for the creation of an international registration system, with an international registry for international security rights in aircraft, aircraft engines and helicopters.
“We welcome the adoption and signing of this important convention, since it will bring important advantages to governments, airlines and other parties involved in aircraft financing and leasing,” said Dr. Assad Kotaite, president of the council of ICAO.
Around 295 participants from 68 states and 14 international organizations attended the conference in Cape Town, South Africa.