FIFA Council approves $1.5bn COVID-19 relief plan

The FIFA Council convened by videoconference has unanimously approved the FIFA COVID‑19 Relief Plan.

The plan designed by the FIFA administration in close cooperation with representatives of the confederations, will offer $1.5 billion to assist the football community across three stages.

The first two stages will include 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.

A minimum of 50% of released funds will be allocated to women’s football, FIFA has reported .

In stage three, further financial support will be provided through a system of grants and loans.

Grants will comprise a universal solidarity relief of $1 million, to be distributed among all member associations, and an additional assistance of $500,000 to women’s football. In addition, each confederation will receive a grant of $2 million.

Member associations will also be able to apply for interest-free loans amounting to up to 35% of their audited annual revenues. In the interest of solidarity, a minimum loan of $500,000 will be available and a maximum of $5 million. In addition, each confederation will have access to a loan of up to $4 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.

CLICK HERE for details of the complete FIFA COVID-19 Relief Plan.

To ensure effective oversight of the plan, there will be strict controls on the use of funds, audit requirements, as well as clear loan repayment conditions.

A FIFA COVID-19 Relief Plan steering committee will also be established to supervise the administration of the scheme. Olli Rehn, the deputy chairman of the FIFA Governance Committee, has been appointed to lead this committee. He is also the Governor of the Bank of Finland, a member of the Governing Council of the European Central Bank and a former Vice-President of the European Commission.

As a next step, the principles of the plan will be consolidated in a set of regulations to be put forward to the Bureau of the FIFA Council.

Admin Sportz Front

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