Luxembourg Rail Protocol: UNIDROIT hosts Celebration of Entry into Force

On 9 April 2024, UNIDROIT Member States and Cape Town Convention Contracting States, Stakeholders and Experts gathered at UNIDROIT Headquarters in Rome to celebrate the Entry into Force of the Luxembourg Rail Protocol.

The Event was opened by the Secretaries General of UNIDROIT and OTIF, followed by Their Excellencies Ms Michele PRANCHÈRE-TOMASSINI Ambassador of Luxembourg to Italy and Ms Nosipho NAUSCA-JEAN JEZILE, Ambassador of South Africa to Italy. Following the opening remarks the audience was provided with an overview of the benefits of the Protocol by Chairman of the Rail Working Group Mr Howard Rosen CBE, including a video with messages of support from many international stakeholders, as well as brief presentation on the function of the International Registry by ISC Vice President  and Head of Corporate and Business Strategy Ms Laurel Garven.

Statements of support for the Protocol were delivered by Paraguay, Sweden and the United Kingdom, and the event benefitted from the participation of about 60 participants including delegation from 25 States, who joined the speakers in a Vin D’Honneur hosted in cooperation with the Embassy of Luxembourg in Rome.

The Luxembourg Rail Protocol to the Cape Town Convention on International Interests in Mobile Equipment is a new global treaty under the auspices of UNIDROIT and OTIF,  The Protocol will make it much easier and cheaper for the private sector to finance all types of railway rolling stock. It sets up a new system for recognition, priorities and enforcement of creditor and lessor rights, which will be registered in an international registry based in Luxembourg, accessible to everyone over the internet 24/7 and introduces, for the first time a new global unique permanent identification system for rolling stock. The Protocol entered into force in contracting states on 8th March 2024.

The entry into force of the Protocol sees yet another important cornerstone of the Cape Town Convention system finally able to aid access to credit in another strategic industry: Rail Transport. In these times where an increasing number of States seek to implement human and cargo transport policies that effectively contribute towards the Sustainable Development Goals, the Rail Protocol has already received ample recognition as a key instrument for sustainable development by regional bodies such as UNECA, the African Union, UNECE and the EU. Based on the successful statistics of the registry gained by its sister Protocol in the Aircraft Sector, it is believed that the Rail Protocol, as its ratification expands worldwide, holds every promise to unlock the same potential.

EIF LRP _ final programme
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