Coronavirus: FIFA approves US$1.5 billion Coronavirus Relief Fund for World Football
Zurich, Switzerland (PANA) - FIFA announced on Thursday that it will make available US$1.5 billion in grants and loans as a relief fund to help associations impacted by the coronavirus.
According to the FIFA president, Gianni Infantino, the relief fund had been "unanimously approved" by the members of its council but said there would be "strict controls" on how the money will be spent.
He said that all 211 member associations will be entitled to a "basic solidarity grant" of US$1 million each as well as US$ 500,000 which must be invested in women's football.
In addition, member associations can also apply for a COVID-19 relief loan worth 35 percent of their revenue up to a maximum of US$5 million each.
Infantino said Continental governing bodies will get US$2 million as relief grant, and can also apply for an extra US$ 4 million relief loan.
Infantino promised "strict controls on the use of the funds, with audits", and said there would be "very clear conditions" for how the loans are repaid.
FIFA is financing the enormous relief fund by dipping into its reserves, with US$ 328 million covering grants and US$ 556 million to finance loans, Infantino said.
"Clubs and federations are in real danger. In some parts of the world, football has not restarted. We need to help them," he said.
The creation of the relief fund had been announced by FIFA in March, when football across much of the globe was halted as the pandemic spread.
The Zurich-based body had already announced in April that it would free up US$ 150 million in subsidies to member associations to help deal with the consequences of the crisis.
-0- PANA VAO 25June2020
