In a media release made available Wednesday on FIFA.com, the Bureau of the FIFA Council has approved the football governing body relief plan regulations.
According to the release, the terms of the COVID-19 Relief Plan which has “USD 1.5 billion is being made available to support all 211 FIFA member associations and the six confederations to assist in the alleviation of the financial impact of the COVID-19 pandemic.
The plan was originally drawn up by the FIFA administration in close cooperation with the confederations, and subsequently approved by the FIFA Council on 25 June 2020.
The regulations further establish strict compliance and audit requirements, as well as clear loan repayment conditions, under the supervision of a steering committee.
FIFA president ,Gianni Infantino described the plan “as a great example of football’s solidarity and commitment in such unprecedented times.
He noted the cooperation and understanding of the council by approving one of the biggest intervention of the federation in sustaining and improving the game.
“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.
The development is the second phase of FIFA’s arranged intervention and supports after the first phase of the maximum amount of ‘FIFA Forward’ operational cost entitlements to member associations was released.
Members association have now been given the ability to transform 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.
FIFA will now implement the third phase of the plan which completes the total amount of USD 1.5 billion being made available to the worldwide football community following the approval.
Reports show that Phase 3 will comprise: Grants of USD 1 million to all FIFA member association, an additional grant of USD 500,000 to be allocated specifically to women’s football and a grant of USD 2 million to be made available to members association. The full amount will be made available by January 2021.
The third phase also includes opportunity of interest free loans amounting to up to 35 percent of their members associations’ audited annual revenues. Also in the interest of solidarity, a minimum loan entitlement of USD 500,000 and a maximum loan entitlement of USD 5 million will be available. Each confederation will also have access to a loan of up to USD 4 million.
The statement added that the implementation of the third phase plan will enable “all FIFA member associations to use the funds for activities such as the restart of competitions, the implementation of returns to play protocols, the participation of national teams in competitions, the hiring and re-hiring of staff, the maintenance of football infrastructure, and general administration and operating costs”.
Coronavirus pandemic has affected the smooth running of football game across the world. Hence, the need for FIFA support to all members as ways are now being fine tuned to resume back to the game fully even as some league have been able to restart actions with strict compliance to health protocols.