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Govt to ratify int’l treaty to reduce borrowing costs of airlines

Star Business Report
The government will ratify an international treaty that will cut the cost of international borrowing for the country's airline industry, which is growing 8 percent a year.
"We are going to sign the Cape Town Convention soon. The signing of the convention will help local airlines purchase aircrafts at reduced costs," Mahbub Jamil, special assistant to the Chief Adviser, said yesterday.
Jamil, also chairman of Biman Board of Directors, made the announcement at a press conference on national flag carrier's aircraft purchasing plan. The Biman will purchase eight Boeing aircraft at a cost of $ 1.265 billion to revive its ailing fleet of 11 aircraft.
The government move industry insiders believe will boost the country's aviation industry that saw three local and four foreign airlines enter the market last year.
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.
To ratify the convention, the government had earlier formed a committee with the representatives from Biman and private airlines. The committee is expected to submit its final proposal to the Ministry' of Civil Aviation and Tourism this week, a member of the committee said.
"We are about to finish our task. We wish to submit the draft report within a couple of days,” said Fakhrul Islam, head of the committee.
Experts said 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.
"We are happy that the government has taken the initiative. The ratification will encourage many aircraft leasing company to come to Bangladesh," said Shahab Sattar, managing director of country's largest private carrier GMG Airlines, which is also considering a Boeing proposal to purchase six new aircraft.
The GMG chief, referring to the plan of purchasing aircraft, said it will be easier for the carrier to receive financing 1 from global lenders such as US based EXIM Bank to purchase new aircraft following the ratification.
Imran Asif, an aviation industry consultant, said the ratification will help local airlines get aircraft at lower costs.