All boxers who win medals at this year’s Paris Olympics will be offered prize monies ranging from 25,000 to 100,000 dollars, according to the International Boxing Association (IBA).

The move follows that of World Athletics – the governing body for track and field – which in April announced it would be offering $50,000 dollars in prize money for its Olympic champions, starting in Paris this year.

Based on the placings of boxers at the July 26 to August 11 games, the IBA said it will award $100,000 to gold medallists, $50,000 for silver medals and $25,000 for bronze.

IBA President Umar Kremlev in a statement said “Our athletes and their efforts must be appreciated. The IBA offers opportunities and invests considerably in our boxers, they remain as the focal point, and we will continue to support them at all levels.”

Kremlev added that the total prize money fund commitment was worth more than $3.1 million and would be distributed to more than 100 boxers.

Boxing at the Paris Games is being organized by the International Olympic Committee (IOC) after it stripped the IBA of recognition in 2023 over its failure to complete reforms on governance, finance and ethical issues.