GFA gets $1.5 billion COVID-19 relief fund kind courtesy FIFA.
The plan comes after a FIFA Council meeting via video conference on Thursday, which unanimously approved a revised budget for the 2019-2022 cycle, the GFA, and other associations will be eligible to apply for interest-free loans amounting to up to 35 percent of their audited annual revenues, the FIFA said in a blog post.
Gianni Infantino, the Fifa president, said the relief fund had been “unanimously approved” by the members of its council and insisted there would be “strict controls” on how the money is spent.
Fifa is financing the enormous relief fund by dipping into its reserves, with $328 million covering grants and $556 million to finance loans, Infantino said.
“Clubs and federations are in real danger. In some parts of the world, football has not restarted. We need to help them,” he said.
Member associations will be able to apply for interest-free loans amounting to up to 35% of their audited annual revenues. In the interest of solidarity, a minimum loan of USD 500,000 will be available and a maximum of USD 5 million. In addition, each confederation will have access to a loan of up to USD 4 million.