Air Arabia has mandated KfW IPEX-Bank to finance up to six Airbus A320 aircraft scheduled for delivery this year.
Under the mandate the German bank will arrange a finance lease structure covering two deliveries while the remaining four will be financed under an export credit agency (ECA)-guaranteed loan.
The first aircraft (MSN 5452) closed under a finance lease structure last month. A second aircraft (MSN 5454) is expected in March.
According to Flightglobal's Ascend Online database, Air Arabia will also take new A320s in April, May, July and September this year.
Last year Air Arabia used internal cash resources to fund some deliveries as well as ECA-guaranteed loans. Sumitomo Mitsui Banking Corporation (SMBC) and Standard Chartered Bank were the banks involved in the ECA loans.