FIFA ratifies $1.5 bn Covid relief plan

Zurich, July 29 (SocialNews.XYZ) FIFA has ratified a relief plan for football communities and national associations around the world which have been affected by the coronavirus pandemic. The sport's global governing body has made $1.5 billion available for the purpose.

The plan was originally drawn up by the FIFA administration in close cooperation with the confederations, and was subsequently approved by the FIFA Council on June 25.

In the first phase of the plan, the maximum amount of FIFA Forward operational cost entitlements to member associations was released. For the second phase, member associations have now been given the ability to transform the remaining FIFA Forward development project grants into Covid-19 operational relief funds -- with a minimum of 50 per cent of released funds to be allocated to women's football.

The third phase will comprise a "universal solidarity grant of $1 million" being made available to all FIFA member associations and an additional grant of $500,000 allocated specifically to women's football.

In addition, a grant of $2 million is being made available to each confederation. The full amount will be made available by January 2021.

Additionally, all FIFA member associations will be able to apply for interest-free loans amounting to up to 35 per cent of their audited annual revenues.

"In the interest of solidarity, a minimum loan entitlement of $500,000 and a maximum loan entitlement of $5 million will be available. In addition, each confederation will have access to a loan of up to $4 million," said FIFA.

"This relief plan is a great example of football's solidarity and commitment in such unprecedented times," said FIFA President Gianni Infantino, adding: "I would like to thank my colleagues of the Bureau of the Council for approving the decision to move forward with such an important initiative for the benefit of all member associations and confederations."

Source: IANS