FIFA and FIFPRO, the World Players Union, on Tuesday reached an agreement to establish the FIFA Fund for Football Players (FIFA FFP), which aims to provide financial support to players who have not been paid and have no chance of receiving the wages agreed with their clubs, a statement on FIFA's website said.The world body has set aside USD 16m for the fund up to 2022, with this allocation to be divided as follows: USD 3m in 2020, USD 4m in 2021 and USD 4m in 2022, plus a further USD 5m set aside for the retroactive protection of players' salaries for the period between July 2015 and June 2020.FIFA President Gianni Infantino welcomed this new initiative.“This agreement and our commitment to helping players in a difficult situation show how we interpret our role as world football’s governing body.”Gianni Infantino, FIFA President“We are also here to reach out to those in need, especially within the football community, and that starts with the players, who are the key figures in our game," said Infantino."More than 50 clubs in 20 countries have shut in the last five years, plunging hundreds of footballers into uncertainty and hardship," said FIFPRO president Philippe Piat.“This fund will provide valuable support to those players and families most in need.” FIFA has bolstered its measures against so-called ‘successor clubs’ set up to replace debtor clubs with the prime aim of avoiding paying players their overdue wages.”Philippe Piat, FIFPRO President"Many of these clubs have shut to avoid paying outstanding wages, immediately re-forming as so-called new clubs," Piat said in a FIFA statement.The agreement envisages the establishment of a monitoring committee composed of FIFA and FIFPRO representatives to process, assess and act on applications for grants from the FIFA FFP, the report read.While these grants will not cover the full amount of salaries owed to players, this fund will provide an important safety net. We'll get through this! Meanwhile, here's all you need to know about the Coronavirus outbreak to keep yourself safe, informed, and updated. The Quint is now available on Telegram & WhatsApp too, Click here to join.