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Biman pushes govt to ratify int’l treaty to cut borrowing costs

Sohel Parvez
Biman is pushing the government to ratify an international treaty that will cut the cost of international borrowing for the country's airlines at a time when Bangladesh's national carrier prepares to renew its aging fleet.
The Cape Town Convention and Aircraft Protocol is an international rule that allows global lenders to take control of aircraft in case of default by the debtor from a country that has ratified it.
The added security means the lender is prepared to finance the aircraft purchase at a lower interest rate, meaning the buyer will pay less for the plane.
MA Momen. chief executive of Biman Bangladesh Airlines, said Biman favours the ratification because it will enable the national
carrier to get easy financing from lenders.
“We want the government to ratify the convention and the Aircraft Protocol as soon as possi ble,"he said.
According to Biman, the government has formed a committee on the issue with representatives from Biman, the Civil Aviation Authority and other Bangladeshi airlines.
So far the committee has met twice to consider die treaty's ratification.
Unless a country ratifies the convention, international lenders generally impose high interest against the debtor due to the risk associated with lending. The Cape Town Convention and Aircraft Protocol, which came into force in 2003, reduces the risk to such deals by establishing an international
legal framework
The move comes at a time when Biman is trying to renew its fleet of 12 aircraft. With many of its planes more than 15 years old the national carrier has struggled with high maintenance costs and poor fuel efficiency.
A team of Airbus officials is expected in Bangladesh early February to make a fresh offer to supply aircraft to Biman.
This is not die first time Biman has pushed for die treaty's ratification, however during the previous BNP led government die process stalled.
Biman is currendy considering an offer from US-based Boeing to purchase eight aircraft in two phases. Boeing has said Bangladesh needs to ratify the treaty and protocol to have access to a loan guarantee from the US-based Exim Bank.
Imran Asif, an aviation industry consultant, said Bangladesh should ratify the Cape Town Convention and Aircraft Protocol with high priority.
"It will allow Biman to get newer aircraft at lower interest rates and help it be more competitive in the global market resulting from increased operating efficiencies," he said. "It will also enable Biman to take a more commercial approach to its operations moti vated by the fact of having to repay the aircraft from its own revenues."
Asif also said it will also enable private airlines to get financing at a lower cost.
Six carriers, including one domestic operator United Airways, entered Bangladesh's market last year while another local carrier Best Air launched its operation on in mid January.