Citi and Credendo Announce Landmark USD 328 Million
Financing for IndiGo’s Eight Airbus Aircraft
- Transaction marks the world’s first-ever Credendo-insured aviation financing and first Export Credit Agency (ECA)-backed aircraft financing structured through GIFT IFSC, in line with Government of India’s vision to make India a global aircraft leasing hub
Bangalore. Citi and Credendo, Belgium’s export credit agency, on Oct 13, 2026 announced the successful closing of a USD 328 million financing for eight Airbus aircraft (six A321s and two A320s) for IndiGo, India’s largest airline by network and fleet size and one of the fastest growing carriers in the world. Under the structure, Citi acted as Sole Mandated Arranger, ECA Coordinator and Sole Lender, with the financing backed by Credendo’s credit insurance.
Executed through IndiGo’s subsidiary, InterGlobe Aviation Financial Services IFSC Private Limited, the transaction marks the first-ever Credendo-insured aviation financing globally and the first ECA-backed aircraft financing through a GIFT IFSC leasing structure, setting an important milestone in India in aviation finance.
The bespoke financing solution was jointly conceptualized, structured and developed by Citi and Credendo in close partnership with IndiGo and Airbus, leveraging Citi’s market-leading expertise in ECA structuring and aviation finance together with Credendo’s credit insurance capabilities to deliver a tailored funding solution that supports IndiGo’s ambitious fleet expansion plans through the GIFT IFSC platform. Airbus played a key role in supporting this pioneering financing, working closely with Citi, Credendo and IndiGo throughout the process. The transaction further underscores Airbus’ commitment to developing innovative financing solutions that enhance funding access and support the growth ambitions of its airline customers.
This landmark transaction reflects the growing importance of access to innovative international capital and export credit support in meeting the financing needs of India’s rapidly expanding aviation sector and reinforcing its position as a global aviation hub. For IndiGo, the facility provides a competitive and diversified source of long-term funding for fleet and network growth. It also demonstrates the strong collaboration between Citi, Credendo, IndiGo and Airbus in delivering a first-of-its-kind financing and broadening the range of funding solutions available to the Indian aviation market.
K Balasubramanian, India CEO and Banking Head and Indian Subcontinent Sub-Cluster Head, Citi, commented: “The Government of India has made aircraft leasing through GIFT City a clear policy priority, and the incentives introduced have helped position India as an attractive destination for aircraft leasing. This transaction is a strong example of that vision in action. By combining Citi’s cross-border aviation and ECA financing expertise with Credendo’s credit insurance and IndiGo’s GIFT IFSC platform, we have delivered a first-of-its-kind solution that opens a vital new pathway connecting Indian aviation with the deep pool of ECA-backed international liquidity and supports the next phase of India’s aviation growth. Citi is proud to have led this landmark facility as Sole Mandated Lead Arranger, ECA Coordinator and Sole Lender. We also thank Airbus for its partnership and support in making this transaction possible.”
Frank Vanwingh, Group Deputy CEO, Vice Chairman of the Executive Committee, Credendo – Export Credit Agency stated:“This transaction is a significant milestone for Credendo and the first step in a broader initiative aimed at enhancing support for the Belgian aviation industry. As our inaugural aircraft finance transaction, it demonstrates our ambition to become a long-term partner for Belgian aviation stakeholders seeking access to international opportunities and innovative financing structures. The transaction also showcases the value that Belgian export credit support can bring to the aviation sector through bespoke risk mitigation solutions. We are proud to have worked alongside Airbus, Citi and IndiGo in delivering this landmark transaction through GIFT IFSC and look forward to supporting further aviation finance projects worldwide.”
Riyaz Peermohamed, Chief Aircraft Acquisition & Financing Officer, IndiGo said, “We are pleased to partner with Citi, Credendo and Airbus on this landmark financing, which offers IndiGo a competitive source of liquidity for our growing Airbus fleet. The transaction demonstrates the potential of GIFT IFSC to bring together international banks and export credit agencies and create innovative financing solutions for Indian aviation.”
