The world football governing body will bankroll players facing salary payment problems by establishing a global fund.

"FIFA and FIFPRO, the World Players’ Union, have 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 duly receiving the wages agreed with their clubs," FIFA said Tuesday.

FIFA said it put aside $16 million until 2022 for the fund.

This amount will be allocated in installments of $3 million in 2020, $4 million in 2021 and 2022 and $5 million for the "retroactive protection of players’ salaries for the period between July 2015 and June 2020."

The agreement Tuesday between the parties will also necessitate the establishment of a monitoring committee.

"While these grants will not cover the full amount of salaries owed to players, this fund will provide an important safety net," FIFA said.

This mechanism will take effect July 1.