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U.S. Completes Ratification of Cape Town Convention The U.S. government has formally completed the process to ratify the Cape Town Convention, an international treaty to facilitate asset-based financing and leasing of large commercial aircraft and aircraft engines. On Thursday, U.S. Ambassador Tony Hall deposited the instrument of ratification for the treaty and the accompanying aircraft protocol with UNIDROIT, the international organization based in Rome, Italy, that is the depositary of the Cape Town Convention and aircraft protocol. The Export-Import Bank of the United States (Ex-Im Bank) renewed its offer in August 2004 to reduce its exposure fee by one-third on financings of new U.S.-manufactured large commercial aircraft for buyers in countries that sign, ratify and implement the Cape Town Convention and the related aircraft protocol (including certain optional provisions). Ex-Im Bank's offer enables eligible foreign buyers to receive an Ex-Im Bank exposure fee of as low as 2 percent, a one-third reduction of the current minimum 3 percent exposure fee on large aircraft financings. More favorable financing terms also apply to asset-based financings of spare engines. Ex-Im Bank has extended the offer for approvals issued through fiscal year 2005, which ends September 30, 2005. "By ratifying the Cape Town Convention, the United States has taken a significant step to encourage other countries to adopt the legal framework to facilitate large commercial aircraft transactions," said Ex-Im Bank Chairman Philip Merrill. "Ex-Im Bank strongly believes this treaty will reduce certain risks associated with cross-border sales, financings and leases of aircraft and aircraft engines." The Cape Town Convention (concluded at an international diplomatic conference held in Cape Town, South Africa, in November 2001) establishes a comprehensive international legal framework to protect security and leasing interests in aircraft equipment. The treaty has been signed by 28 countries, of which five countries already have ratified it. The treaty entered into force on April 1, 2004, and will become effective as applied to aircraft and aircraft engines following ratification of the aircraft protocol by eight countries. Ex-Im Bank, the official export credit agency of the United States, helps finance U.S. exports by providing loan guarantees, export credit insurance and direct loans. For more information, visit http://www.exim.gov. Friday, October 29, 2004  SOUND OFF! Send a letter to the Editor, Stuart Papavassiliou at sppapa@monitordaily.com. To get your company’s news included on the monitordaily.com site and published in the Monitor, contact Chris Moraff, Associate Editor, at 610.293.1300 x112 or email news to cmoraff@monitordaily.com. If you would like to search our News Archives, please click here. |
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