EFA ELIGIBLE FOR E9.9M FIFA LOAN

MBABANE – The Federation of International Football Association (FIFA) is truly playing mother hen to its 211 member associations.

On top of the about E8 million FIFA relief fund that the Eswatini Football Association (EFA) will receive, the association is eligible for a loan of about E9.9 million.

According to a statement released by FIFA on June 25, 2020, the 211 member associations will receive about US$1 million (E16.7 million) and also be eligible to a 35 per cent loan of their respective audited annual revenues. However, FIFA has highlighted that the E16.7 million will be released in two stages, which means each member association will receive about E8 million this year and the other balance next year.

revenue

According to EFA audited annual revenue, which was presented during the AGM on June 28, the association’s revenue reflection is of about E28 million, (E28 565 905) to be precise. This means that they can access a 35 per cent of this amount which is around E9.9 million.

“Loans: member associations will 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 US$500 000 (E8.3 million) will be available and a maximum of US$5 million (E83 million),” read part of the document from FIFA.
Noteworthy is that 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.

effective

FIFA stated that to ensure effective oversight of the plan, there will be strict controls on the use of funds, audit requirements, as well as clear loan repayment conditions.
A FIFA COVID-19 Relief Plan steering committee will also be established to supervise the administration of the scheme.
Olli Rehn, the deputy chairman of the FIFA Governance Committee, has been appointed to lead this committee.

Governor

He is also the Governor of the Bank of Finland, a member of the Governing Council of the European Central Bank and a former Vice-President of the European Commission.

Reached for comment, EFA CEO Frederick Mngometulu confirmed that they were eligible for a 35 per cent loan and were yet to decide if they would apply for the loan or not.

He highlighted that when they made applications to FIFA, they were usually successful.

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