FIFA announced to make available $1.5 billion in concessions and investments as a relief fund to help local organizations affected by the coronavirus (COVID-19), world football’s governing body declared on Thursday.
FIFA president Gianni Infantino told the relief fund had been “unanimously approved” by the members of the FIFA council and declared there would be “strict controls” on how the relief money will be spent.
All the 211 member associations will be entitled to a “basic solidarity grant” of $1 million individual as well as $500,000 will be designated to invest in women’s football.
Additionally, affiliate associations can also ask for a COVID-19 relief loan worth 35% of their revenue up to a maximum of $5 million each. Continental governing bodies will receive $2 million as a relief grant, and can also apply for an additional $4 million relief loan.
Infantino assured “strict controls on the use of the funds, with audits”, and stated there would be “very clear conditions” for how loans will be repaid.
FIFA is supporting the enormous relief fund by diving into its reserves, with $328 million covering grants and $556 million to finance loans, Infantino stated.
“Clubs and federations are in real danger. In some parts of the world, football has not restarted. We need to help them,” Infantino 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.