FIFA to offer members cash for COVID-19 relief

Jun 26, 2020

Sports
FIFA to offer members cash for COVID-19 relief

Paris (France), June 26: FIFA's ruling council has approved a relief plan of giving a total of 1.5 billion U.S. dollars to help the global soccer community weather the coronavirus pandemic.
Each of the 211 member associations will get a one million dollars payment, part of which will be granted in July this year, while the rest in January 2021, FIFA said.
To ensure a healthy restart for women's soccer, a lump-sum of 500,000 dollars will be paid to support the specific community. The six continental governing bodies will each get a single payment of two million dollars from FIFA's reserve fund.
The resultant suspension of soccer activities in almost every country in the world has led to enormous financial distress for member associations, according to FIFA.
FIFA said member associations could apply for interest-free loans amounting to up to 35 percent of their audited annual revenues, with loans between 500,000 dollars and five million dollars. Confederation can access four million dollars.
Both grants and loans can be used to help clubs, players, leagues, or others that have been affected by the pandemic, FIFA said.
Source: Xinhua News Agency