LAUSANNE: The International Boxing Association board of directors declared Wednesday that it has settled its longstanding $10 million debt to Azerbaijani company Benkons LLC and the other ones.
With financial stability having been achieved, AIBA has announced a Financial Support Program aimed to assign funding to projects around the world. Continental Confederations and National Federations (NFs) are currently eligible for grants, with each Confederation eligible to receive up to $500,000 (£356,000/€413,000) while a NF could receive a maximum of $20,000 (£14,000/€16,000) per project. Applications aligned to the United Nations Educational, Scientific and Cultural Organization (UNESCO) and United Nations High Commissioner for Refugees (UNHCR) objectives have been encouraged.
Financial integrity was also addressed by the board, with the approval of new financial regulations, with additional clarity around the organization’s per diem payments to officials performing services for the organisation. AIBA president Umar Kremlev himself has foregone his own allowance and has committed to financing his own travel expenses.
Further governance reform measures were also adopted. One of these is the new Data Protection Policy.
The AIBA board also discussed the issue of sporting integrity within boxing. In order to address long-standing allegations, AIBA is commissioning an independent investigation into the organization’s past. The investigation will have two phases, with the first stage focusing primarily on the events of the Rio Olympic Games of 2016, while the second half of the investigation will look into the conduct of the organization’s previous administrations.
The board also looked ahead to future competitions which are on track, despite complications due to the COVID-19 virus. Most notably the 2021 World Championships, which are to be held in Serbia.
