newstodate.aero
Jan 13, 2023 (newstodate): Lithuania is working hard to formally ratify the 2001 Cape Town Convention to facilitate the financing of aircraft.
The government has thus now approved the recommendation from the Ministry of Transport and Communication to ratify the Convention and forward it to the President's signature in 2023.
-Ratifying the Convention will make the inclusion of aircraft in the Lithuanian aircraft register safer and more attractive for the companies financing and managing their acquisition; hopes are that Lithuania's aviation business will be able to obtain loans more easily, and companies will be able to buy, sell, pledge or lease aircraft on better terms.
-Ratification may also attract more investors and bring transaction costs down, and in addition, the Convention creates international guarantees enabling creditors to recover aircraft from non-compliant airlines and defend their rights by other means, to join an international electronic guarantee register.
-The ratification of this convention is part of the implementation of the new Lithuanian Aviation Strategy and a beautiful example of how the state can create suitable conditions for business development, says Orijana Masale, CAVIA Board Member, in a LinkedIn post.
CAVIA is Lithuania's non-profit Civil Aviation Association.
The government has thus now approved the recommendation from the Ministry of Transport and Communication to ratify the Convention and forward it to the President's signature in 2023.
-Ratifying the Convention will make the inclusion of aircraft in the Lithuanian aircraft register safer and more attractive for the companies financing and managing their acquisition; hopes are that Lithuania's aviation business will be able to obtain loans more easily, and companies will be able to buy, sell, pledge or lease aircraft on better terms.
-Ratification may also attract more investors and bring transaction costs down, and in addition, the Convention creates international guarantees enabling creditors to recover aircraft from non-compliant airlines and defend their rights by other means, to join an international electronic guarantee register.
-The ratification of this convention is part of the implementation of the new Lithuanian Aviation Strategy and a beautiful example of how the state can create suitable conditions for business development, says Orijana Masale, CAVIA Board Member, in a LinkedIn post.
CAVIA is Lithuania's non-profit Civil Aviation Association.