Zurich [Switzerland], July 29 (ANI): Bureau of the FIFA Council on Wednesday approved the USD 1.5 billion COVID-19 relief plan regulations which will support all 211 FIFA member associations and the six confederations to assist in the alleviation of the financial impact of the pandemic.
"The regulations establish strict compliance and audit requirements, as well as clear loan repayment conditions, under the supervision of a steering committee, the football's governing body said in a statement.
The plan was originally drawn up by the FIFA administration in close cooperation with the confederations and subsequently approved by the FIFA Council on June 25.
"This relief plan is a great example of football's solidarity and commitment in such unprecedented times. 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," said FIFA president Gianni Infantino.
"In the first phase of the plan, the maximum amount of FIFA Forward operational cost entitlements to member associations was released. For the second phase, member associations 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," the statement read.
Following on from today's approval by the Bureau of the Council, FIFA will 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.
FIFA's 211 member associations will receive a USD 1 million grant "to protect and restart football" and can access interest-free loans of up to USD 5 million. Each member association will also receive an additional USD 5,00,000 grant for women's soccer.
Each of the six soccer confederations will also receive a grant of USD 2 million and have access to a loan of up to USD 4 million.
FIFA expects to make all of the funds available by January 2021. Some funds will be released this month. The loans for member associations are limited to 35 per cent of their audited annual revenues.
In the coming months, FIFA will work closely with its member associations and with the confederations to assist them in the implementation of the plan through educational content and additional guidelines. (ANI)