FIFA allocates rescue fund of over 875 million CFAF to each of member federations

26 Juin 2020

Dakar, Senegal, June 26 (Infosplusgabon) - The world football governing body, FIFA, on Thursday released for each of its member federations a rescue fund of 1,500,000 US dollars or more than 876 million CFAF.

This comprises an “annual solidarity subsidy” for one million dollars and an “extra subsidy” of 500,000 dollars allocated specifically to women’s football.

“In addition, each confederation will receive a 2 million- US dollar subsidy (about 1.1billion CFAF),” FIFA said on its website.

Those decisions of the Council of the world football governing body are made within the framework of its “rescue plan” to the Covid-19 pandemic.

FIFA has also decided to release in three stages for each of its member federations an amount that could reach 1.5 billion US dollars.

The first two set “the immediate release of all payments of operational costs (…), then the possibility to transform the development subsidies into Covid-19 operational rescue funds, with a minimum of 50% of the released funds to allocate to the women’s football”.

The third consists of “extra financial support to be provided through a system of subsidies and loans”, according to the statement issued Thursday.

In addition, “member associations could ask for non-interest loans representing up to 35% of their audited annual revenues”, in addition to other advantages.

“Those subsidies and loans can be driven by the member associations to the football community in the broader sense, on their respective territories, including clubs, players, leagues, etc, which were affected by the Covid-19 pandemic,” according to FIFA.

However, “strict controls of the funds” will be exerted to ensure efficient surveillance of the plan.

FIN/ INFOSPLUSGABON/QZE/GABON2020

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