IOC increases Olympic Solidarity fund by 16 %

Lausanne:  The International Olympic Committee (IOC) Executive Board (EB) has agreed to increase the budget of Olympic Solidarity for the period 2021 to 2024 by 16 per cent.

The budget for 2021-2024 will now total $590 million. With this decision, the IOC will further strengthen its support to athletes, National Olympic Committees (NOCs) and continental associations of NOCs.

“One important lesson that I hope we have all learnt from the current Corona crisis is that we need more solidarity. We need more solidarity within societies, but also among societies. Solidarity is one of the key Olympic values which the Olympic community is actively promoting,” said IOC President Thomas Bach on Wednesday as per an official IOC release.

“Today’s decision to increase the budget of our Olympic solidarity program for the next four-year cycle by 16 per cent to $590 million is a very strong demonstration in times of a worldwide crisis,” he added.

The IOC also decided to give an increase of 25 per cent for direct athlete support program.

“Presented by EB Member and Chair of the Olympic Solidarity Commission Robin Mitchell, the 2021-2024 Olympic solidarity plan is fit for purpose in the post-coronavirus world, meaning that all funding and programs go as a priority to Olympic solidarity’s direct beneficiaries: the athletes and the NOCs,” the IOC stated.

“At 25 per cent, the increase in the funding of direct athlete support program is even higher than the overall increase. Additionally, the athletes as members of the Olympic teams will benefit from the 25 per cent increase for NOCs,” said Bach.

During the meeting, it was also pointed out that the decentralisation of a portion of the funds to the continental associations should be reinforced in order to develop sustained programs responding to continental specificities.

To that end, the budget allocated to each NOC for its national activities has been increased to the equivalent of $500,000 per NOC per Olympiad, and continent-specific program budgets have been increased by 24 per cent, the IOC said.

(IANS)

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