FIFA approves USD 1.5 billion COVID-19 relief plan regulations
The regulations establish audit requirements and strict compliance as well as clear loan repayment conditions which will be under the supervision of a steering committee.
Bureau of the FIFA Council on July 29 approved COVID-19 relief plan regulations of USD 1.5 billion. It aims at supporting all 211 FIFA member associations and the six federations to alleviate the financial impact of the pandemic.
As per the official statement, the regulations establish audit requirements and strict compliance as well as clear loan repayment conditions which will be under the supervision of a steering committee.
The COVID-19 relief plan was originally drawn up by the FIFA administration in close cooperation with the confederations. It was subsequently approved by the FIFA Council on June 25, 2020.
• FIFA will be working closely with its member associations along with the confederations to assist them in the plan implementation through additional guidelines and educational content.
• In the first phase of the plan, the maximum amount of the FIFA Forward operational cost entitlements to the member associations has been released.
• For the 2nd phase of the plan, member associations of FIFA are provided with the ability to change the remaining FIFA forward development projects grants into the COVID-19 operational relief funds.
• With a minimum of 50% of the released funds to be allocated to women’s football.
• With the approval, FIFA will implement the 3rd phase of the plan. It will complete the total amount of USD 1.5 billion being available to the worldwide football community.
Why FIFA is funding its member associations?
211 member associations of FIFA will receive a USD 1 million grant to ‘protect and restart’ football and can also access interest-free loans up to USD 5 million. Each association will also be receiving an additional USD 5,00,000 grant for women’s soccer.
Each of the six soccer confederations will also be receiving a grant of USD 2 million and will have access to loan of up to USD 4 million.
The funding is expected to be available by January 2021 and the loans for member associations have been limited to 35% of their audited annual revenues.