The Bureau of the FIFA Council has approved the FIFA COVID-19 Relief Plan regulations which aim to financially support member associations during the pandemic.
$1.5 billion USD ($2.1 billion AUD), will be made available by the international governing body to assist the member associations and confederations.
Each member association will receive a $1 million USD universal solidarity grant. An extra $500,000 USD will be provided which can only be used for women’s football.
The six football confederations will also receive $2 million USD each, these grants will be received by the organisations by January 2021.
As a part of the plan member associations will also be able to apply for interest free loans of up to 35 per cent of their annual revenues. FIFA has set a maximum loan limit of five million dollars. Confederations will be able to apply for loan of up to four million dollars.
FIFA said that clear loan repayment conditions are laid out in the regulations along with strict compliance and audit requirements.
“This relief plan is a great example of football’s solidarity and commitment in such unprecedented times,” said FIFA President Gianni Infantino.
“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.”
With the funds provided FIFA believes that member associations will be able to restart competitions, re-hire staff and pay any administration or operating costs.
“Unfortunately, the resultant suspension of basic football activities in almost every country has led to enormous financial distress for member associations and their respective football structures,” FIFA said in the relief plan.
“FIFA quickly recognised the need and duty to implement a FIFA COVID-19 Relief Plan aimed at alleviating this distress and ensuring the provision of financial support to assist with football’s resumption and protect the games future well-being across the globe.”
FIFA administrators created the plan earlier this year after consultation with the confederations. The plan was then approved by the FIFA Council on June 25.