FIFA Approves Allocation Of $1.5Bln To Support Football Community Amid COVID-19

MOSCOW (UrduPoint News / Sputnik - 29th July, 2020) The Bureau of the FIFA Council has approved regulations of COVID-19 Relief Plan, making available $1.5 billion for member associations to assist them in coping with COVID-19 financial consequences, the world football's governing body said in a statement on Wednesday.

"FIFA's groundbreaking COVID-19 Relief Plan reached a major milestone as the Bureau of the FIFA Council approved the plan's regulations. Under the terms of the COVID-19 Relief Plan, 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 statement said.

According to the statement, a universal grant of $1 million will be available to all national associations that are members of FIFA. Meanwhile, an additional grant of $500,000 will be allocated specifically for women's football. In addition, each confederation will receive a $2 million grant.

FIFA member associations will be able to apply for interest-free loans of up to 35 percent of their audited annual revenue. The minimum loan amounts to $500,000 Dollars, the maximum level stands at $5 million. In addition, each confederation will have access to a loan of up to $4 million.