FIFA to Provide Relief Funds to Member Associations and Confederations - Newslibre

FIFA to Provide Relief Funds to Member Associations and Confederations

While in a FIFA Council meeting that convened last week via video conferencing technology, the Council without any opposition passed the FIFA Covid-19 Relief Plan. The Relief Plan amounting to a sum of $1.5 billion will be established in three phases in order to assist association football all over the world.

To avoid mismanagement of these funds, FIFA has put up strict measures like audit requirements and clear loan repayment conditions. A committee chaired by Olli Rehn, the deputy chairman of the Governance Committee at FIFA, will be stepping up to closely monitor the Fund.

For the first two phases, the world football governing body will provide funds to cover all forward operational-cost payments to member associations with a minimum of 50% going to women football.

For stage three, grants and loans will be provided. The grant will constitute a monetary reward of $1 million to member associations plus $500,000 strictly for women football. The grant will be released in two phases that are 50% in July 2020 and the other 50% in January 2021. For the women’s football grant, it will be awarded at once in July 2020. The member confederations will receive $2 million as part of the grant.

As part of the Relief Plan, FIFA will also provide interest-free loans valued at 35% of the association’s audited annual revenue. A minimum of $500,000 and a maximum of $5 million will be available for loaning out to the interested associations. Confederations will also be able to acquire loans of up to $4 million.

FIFA will also provide interest-free loans valued at 35% of the association’s audited annual revenue

The of the FIFA Covid-19 Relief Plan was received with excitement and a lot of hope among many football stakeholders in Uganda most especially club administrators. The club administrators hope that FUFA will award them a portion of the grant to help them navigate these tough times of the pandemic.

FIFA to Provide Relief Funds to Member Associations and Confederations - Newslibre
KCCA FC is among the many other clubs in Ugandan football who are hoping to get a portion of the COVID19 relief package from FIFA. (Image Credit: Towerpost)

When contacted, the Ugandan FA President Mr. Moses Magogo assured that the clubs will receive a token of the Relief Plan when it is sent through by FIFA. He went on and said that the country has already received the funds from stage one of the Relief Plan.

The received funds will be used on clearing outstanding salaries, debit to service providers, and also finance the operations of the national team.

FUFA can also take advantage of the interest-free loans and take one to further finance its projects like the Buikwe Stadium Project and the upgrading of the Njeru facility. It can also be used to further their business ventures in order to generate more revenue in the long run.

 

Also read: Sports Club Villa Make their First Signing of the Transfer Window

FIFA to Provide Relief Funds to Member Associations and Confederations 1

Author: Katende Basajjabaka

Katende writes about sports and occasionally technology.

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