Zurich, June 26: FIFA's ruling council has unanimously approved the COVID-19 Relief Plan giving a total of $1.5 billion to help the global football community weather the coronavirus pandemic.

FIFA said that each of the 211 member associations will get a one million dollars payment, part of which will be granted in July this year, while the rest in January next year.

To ensure a healthy restart for women's football, a lump-sum of 500,000 dollars will be paid to support the specific community. The six continental governing bodies will each get a single payment of two million dollars from FIFA's reserve fund, announced the sport's world governing body.

FIFA further said tha the member associations would be able to apply for interest-free loans amounting to up to 35 per cent of their audited annual revenues. In the interest of solidarity, a minimum loan of $ 500,000 will be available and a maximum of $ 5 million. In addition, each confederation will have access to a loan of up to $ 4 million.

Both grants and loans can be directed by member associations to the wider football community in their respective territories, including clubs, players, leagues, or others that have been affected by the global pandemic.

(The above story first appeared on LatestLY on Jun 26, 2020 09:39 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).