World football governing body FIFA has unveiled a Covid-19 Relief Plan to cushion national associations from the Covid-19 crisis.
The novel virus has resulted in football worldwide being suspended, a setback which resulted in some leagues in both Europe and Africa being voided.
In the wake of the crisis, FIFA announced that they would be aiding member associations with grants and loans payable on a no-interest basis to help them cope up with the crisis financially.
“The FIFA Council unanimously approved the FIFA Covid-19 relief plan, which was designed by the FIFA administration in close cooperation with representatives of the confederations. Across its three stages, this global support plan will make available up to USD 1.5 billion to assist the football community.
In the first two stages of the plan, FIFA provided for the immediate release of all Forward operational‑cost payments to member associations and, subsequently, for the opportunity to transform Forward development grants into COVID-19 operational relief funds – with a minimum of 50% of released funds to be allocated to women’s football .
In stage three, approved by the Council today, further financial support will be provided through a system of grants and loans.
Member associations will be able to apply for interest-free loans amounting to up to 35% of their audited annual revenues. In the interest of solidarity, a minimum loan of USD 500,000 will be available and a maximum of USD 5 million. In addition, each confederation will have access to a loan of up to USD 4 million,” reads a statement on the FIFA website.
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