Latvia has accepted the declarations of conformity established by the Organisation for Economic Cooperation and Development (OECD) and has fulfilled the conditions of the Cape Town Convention on international guarantees for civil aviation aircraft and related facilities. This step means increasing the competitiveness of the Latvian aviation industry and increasing growth opportunities.
Legislation has been introduced in Latvia to strengthen investor confidence in the aviation sector, which will enable airlines registered in Latvia to make more extensive use of credit guarantees with lower borrowing rates to raise international financing. It is expected that cheaper financing will enable Latvian airlines to continue the modernization of the aircraft fleet, and implement the European Union's Green Deal initiatives.
Latvia already joined the Cape Town Convention in 2011, but in 2021 major amendments were completed to a number of Latvian laws and regulations. On June 7, 2022, the OECD published a list of countries that have adopted declarations of conformity to the Cape Town Convention, including Latvia.