Citi and Belgium’s export credit agency Credendo have closed a US$328 million financing agreement covering eight Airbus aircraft for IndiGo. The transaction funds six A321s and two A320s and was completed through the airline’s InterGlobe Aviation Financial Services IFSC subsidiary under a GIFT IFSC leasing structure in Gujarat, India.
Citi acted as sole mandated arranger, export credit agency coordinator and sole lender, while Credendo provided credit insurance. The financing was developed in partnership with IndiGo and Airbus to support the airline’s fleet expansion and international network growth.
The transaction is Credendo’s first aviation financing globally and the first export credit agency-backed aircraft financing completed through a GIFT IFSC leasing structure. It provides IndiGo with a long-term funding channel for Airbus aircraft while establishing a new route for Indian airline acquisitions to access international export credit-backed finance.
IndiGo is expanding its Airbus narrow-body fleet as it increases international operations. The airline is also preparing for further A321XLR growth, with its fleet of the type expected to reach nine or 10 aircraft by the end of March 2027, compared with four at the time of the forecast.