Federation of International Football Association (FIFA) has announced a COVID-19 Relief plan to its Member Associations (Mas).
In a FIFA Council meeting held on Thursday via video conferencing, a unanimous decision was reached to extend financial relief to all the 211 Members Associations.
FIFA President, Gianni Infantino revealed that the COVID-19 Relief plan package is worth USD 1.5 billion.
‘I’m proud to announce that the FIFA Council has unanimously approved $1.5 billion as COVID-19 Relief plan to our Member Associations.’ He said.
The Council unanimously approved the FIFA COVID‑19 Relief Plan, which was designed by the FIFA administration in close cooperation with representatives of the confederations.
The relief plan is designed in three stages namely; immediate release, development grants and loans.
‘In the first two stages of the plan, FIFA provided for the immediate release of all Forward operational‑cost payments to member associations and, subsequently, for the opportunity to transform Forward development grants into COVID-19 operational relief funds – with a minimum of 50% of released funds to be allocated to women’s football.’ Reads a statement on the FIFA website.
Each member association will receive a solidarity grant of USD one million and an additional USD 500,000 will be allocated specifically to women’s football. In addition, each confederation will receive a grant of USD 2 million.
Member Associations have also been given the greenlight to apply for interest-free loans amounting to 35% of their audited annual revenues. This therefore means that each member can get a minimum of USD 500,000 or a maximum of USD 5 million.
Both grants and loans can be directed by member associations to the wider football community in their respective territories, including clubs, players, leagues, or others that have been affected.
In a bid to ensure proper governance and follow up of the plan, strict controls on the use of the funds have been put in place with a FIFA COVID-19 Relief Plan steering committee established to supervise the administration of the scheme. This will be headed by Olli Rehn, the deputy chairman of the FIFA Governance Committee.