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Kyrgyzstan considers signing up to Cape Town Convention

Kyrgyzstan has declared its intention to accede to the Cape Town Convention (CTC) as a means of facilitating fleet renewal among the country’s carriers and allowing them to benefit from improved leasing contract terms.

Signed in 2001, the convention is an international treaty intended to standardise transactions involving movable property. Regarding aircraft, it allows lenders and lessors in different countries to register an Irrevocable De-registration and Export Request Authorisation (IDERA) with a civil aviation regulator in the event a local lessee defaults on a contract.

The move was debated at the Supreme Council (Jogorku Kenesh), Kyrgyzstan’s legislative assembly, during the week of March 12, Kyrgyzstan's Kant online news site reported.

During the sessions, Ermek Mamyrkaliev, deputy minister for transport and roads, argued that the protocol’s stable regulations would serve as a guarantee to creditors that the country fulfils its obligations, in this way improving its investment credentials.

Kurmanbek Akyshev, director of Kyrgyzstan's civil aviation authority, added that joining the convention would create the conditions for local airlines to buy and dry-lease aircraft on favourable terms.