Lausanne: In a move to achieve gender equality, International Boxing Association has decided to offer the same prize money as marked for the men in the upcoming women's boxing world championship which will be held in Turkey's Istanbul in early December.
The announcement came after an agreement was signed between the sport's apex body and the Turkish Boxing Federation during AIBA president Umar Kremlev's official visit to Istanbul.
Kremlev stressed on achieving gender equality in the sport, the reason behind "Gender equality is one of our main goals in the sport of boxing. I am happy to confirm that prize money for the medallists will be exactly the same as for Men's World Championships.
"For the first time in AIBA's 75-year history, medal winners will be rewarded with significant prize money from AIBA.
"The prize money fund has been set at USD 2.6 million. The prize for first place is USD 100 000. Silver medallists will receive USD 50 000, and both bronzes in each weight category will receive USD 25 000," Kremlev said.
The Indian team for the marquee event will be picked after the national championship, which will be held in Hisar, Haryana from October 21 to 27.
Performances of the Indian pugilists will be taken into account while selecting the squad for the world championships.
The AIBA officials visited sports venues to oversee possibilities for holding the world championships.
During the World Championships in Turkey, AIBA Extraordinary Congress will be held, and major reforms of the organisation will be announced. The leaders of the NFs (national federations), boxers and champions of past years will visit Turkey.
"AIBA is rapidly changing, we are on the way to big reform. We are doing a lot of work for the sake of National Federations, a large program of assistance and financial support is implemented.
"We allocate budget and sports equipment, communicate with NFs directly. We will protect our boxers and coaches in every country of the world, AIBA is their home," Kremlev added.
President of the Turkish Boxing Federation Eyp Gzge said: "I would like to thank the Ministry of Sports of Turkey and Mr Kremlev for choosing our country and our Federation as a host of such significant event in the world of boxing."
The men's world championships will take place in Serbia, Belgrade from October 24 to November 6.