The Council of the International football Federation decided to approve the granting of financial assistance to federations which suffered losses due to the pandemic coronavirus, reported the press service of FIFA on Monday.
“The FIFA Board unanimously approved a plan that will help the football community is affected by COVID-19. FIFA gives football a total of $1.5 billion”, – stated in the message.
On the first two stages of the plan FIFA provides for the immediate release of all advance payments for operational costs for all member associations.
In the third phase, approved by the Board, further financial support will be provided through a system of grants and loans.
“All member associations will be provided with a universal grant of $1 million additional grant in the amount of $500 thousand will be allocated specifically for women’s football. In addition, each Confederation will receive a grant in the amount of $2 million”, – stated in the message of FIFA.
In addition, member associations can apply to receive interest-free loans in the amount of up to 35% of their annual revenue.
Will be provided minimum loan of $500 thousand and a maximum of $5 million in addition, each Confederation will have access to a loan of up to $4 million.
It is emphasized that “to ensure effective oversight of the implementation of the plan will be introduced strict control over the use of funds, audit requirements, and clear terms of repayment of loans.”