BEVERLY HILLS, June 26, (THEWILL) – FIFA President, Gianni Infantino, has said the federation would make available $1.5bn (€1.34m) in grants and loans as a relief fund to help associations affected by the coronavirus pandemic.
Infantino disclosed that the relief fund had been “unanimously approved” by the members of its council, stressing that there would be “strict controls” on the spending of the funds.
According to reports, all 211 member associations, including the Nigeria Football Federation (NFF), will get a “basic solidarity grant” of $1m (about €890,000) each as well as $500,000 (€445,000).
Also, members could also apply for a COVID-19 relief loan which is worth 35 per cent of their revenue up to a maximum of $5 million (€4.46m) each.
It also said that continental governing bodies will get $2m (€1.78m) as a relief grant, and if necessary, can also apply for an extra $4m (€3.57m) relief loan.
FIFA president assured of a “strict control on the use of the funds, with audits”, and he stated that there would be “very clear conditions” for how loans are repaid.
Infantino said: “FIFA is financing the enormous relief fund by dipping into its reserves, with $328m (€292m) covering grants and $556m (€495m) to finance loans.
“Clubs and federations are in real danger. In some parts of the world, football has not restarted. We need to help them.”