FIFA announced yesterday that it will make US$1.5 billion available in grants and loans as a relief fund to help Associations impacted by the coronavirus.
FIFA’s President, Gianni Infantino said the relief fund had been “unanimously approved” by the members of its council and insisted that there would be “strict controls” on how the money is spent.
All 211 member associations will be entitled to a “basic solidarity grant” of US$1 million each, as well as US$500,000.00 which must be invested in women’s football.
In addition, member associations can also apply for a COVID-19 relief loan worth 35 per cent of their revenue up to a maximum of US$5 million each. Continental governing bodies will get US$2 million as a 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 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.
The Zurich-based FIFA 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.