June 26 – FIFA is to release $1.5 billion from its reserves for its Covid-19 relief plan via a number of grants and interest-free loans to national federations who are facing loss of income as a result of the pandemic.
FIFA said it had already provided the immediate release of all funds from its ‘Forward’ projects and given the green light for such grants to be used for COVID-19 relief plans.
The next stages of the relief plan will see FIFA hand out a universal solidarity grant of $1 million to all member associations, and an additional grant of $500,000 to be allocated specifically to women’s football. “In addition, each confederation will receive a grant of $2 million” said FIFA.
Member associations will also be able to apply for interest-free loans amounting to up to 35% of their audited annual revenues. A minimum loan of $500,000 will be available and a maximum of $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 by COVID,” said FIFA president Gianni Infantino.
Olli Rehn, the deputy chairman of the FIFA Governance Committee, who is Governor of the Bank of Finland and a member of the Governing Council of the European Central Bank, will head a committee to administer the funds.
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