The International Cricket Council has announced that it will significantly enhance the funding for associate and affiliate teams in addition to an increase in prize money for the top men's and women's teams after concluding its two-day board meeting in Dubai on Tuesday.
"The Board approved an increased allocation of 65 million dollars as the prize money for the top ranked Test sides and for men's and women's ICC Events during the period 2016-2023. This represents a 41 per cent increase in the total prize money paid to players compared to the previous eight-year cycle," the ICC said in a statement.
The ICC has also doubled the prize money for sides that top the ICC Test Championship table each year at the 1 April cut-off date in order to better reward the best performing teams.
"As a result, the number-one ranked Test team on 1 April 2016 will receive one million dollars, up from 500,000 dollars in 2015," the statement added.
"This prize money is in addition to the Test Cricket Fund of 70 million dollars, which the ICC Board introduced last year to help ensure Test playing sides are able to sustain a home programme of Test cricket through to 2023. The fund will be available from next year to all Test Members except the Board of Control for Cricket in India, Cricket Australia and the England and Wales Cricket Board.
The statement also said, "The Board recognised the improved standard and professionalism in women's cricket by approving a five-fold increase in the prize money allocated to the six ICC women's events to be played from 2016-2023. The women will compete for total prize money of 4.4 million dollars during the period, including a prize money pool of $1 million for the ICC Women's World Cup 2017.