American investment bank Citigroup and Belgian export credit agency Credendo have finalized a $328 million financing deal for eight Airbus aircraft for IndiGo, India’s budget carrier, the companies announced on Tuesday. The deal covers six Airbus A321 and two A320 jets and marks the first export credit agency-backed aircraft financing through GIFT City’s International Financial Services Centre leasing structure.
Citi acted as the sole mandated arranger, ECA coordinator, and lender, while Credendo provided credit insurance. The transaction was executed via IndiGo’s subsidiary, InterGlobe Aviation Financial Services IFSC Pvt. Ltd. The financing solution was developed jointly by Citi, Credendo, IndiGo, and Airbus to support IndiGo’s fleet expansion by providing access to long-term funding through GIFT City, according to a Citi statement.
This transaction is notable as the world’s first Credendo-insured aviation financing and the first ECA-backed aircraft financing using GIFT City’s IFSC leasing structure. It highlights India’s growing position as an attractive destination for aircraft leasing, supported by government incentives. K. Balasubramanian, India chief executive at Citi, said the government’s policy prioritizing aircraft leasing through GIFT City has helped enable such deals.
The financing deal underscores the increasing role of innovative international financing solutions in supporting fleet growth for Indian carriers. The transaction was announced on October 13, 2026, and represents a milestone in global aviation finance involving Indian entities.