AIBA will pay prize money to Asian Championships medallists for the first time ©AIBA

The International Boxing Association (AIBA) will pay prize money to medallists at the Asian Championships for the first time and has confirmed a total purse of $400,000 (£282,000/€327,000).

Gold medallists at the event in Dubai this month will be rewarded with $10,000 (£7,000/€8,000) while beaten finalists will take home $5,000 (£3,500/€4,000) for silver.

Both bronze medallists will pocket $2,500 (£1,700/€2,000) each.

"We are following the initially planned strategy," said AIBA President Umar Kremlev. 

"Boxers should receive a reward for their hard work. 

"Not only will money motivate athletes, but also ensure the financial stability of them and their families. 

"All we do is for the sake of our boxers, they are our most important persons. 

"I wish all the participants of the Asian Championships to show their best in the ring and stay healthy."

Gold medallists at the Asian Championships will receive $10,000  ©Getty Images
Gold medallists at the Asian Championships will receive $10,000 ©Getty Images

The Asian Championships are due to begin in Dubai on May 24.

Finals in the United Arab Emirates city are planned for May 31.

The promise of prize money is the latest example of AIBA spending its cash after it opened the application process for its first ever development grants earlier this month.

Each Continental Confederation is eligible to receive up to $500,000 (£356,000/€413,000) while all 203 National Federations can access a maximum of $20,000 (£14,000/€16,000).

AIBA was stripped of its Olympic status by the International Olympic Committee in June 2019 over issues including its finances.

But the governing body, which was battling to clear millions in debt, was boosted after signing a sponsorship deal with Russian gas giant PJSC Gazprom in April. 

Despite traditionally being the governing body of amateur boxing, AIBA first offered prize money at an event in 2008.

New Delhi was originally due to host this year's Asian Championships, but Dubai stepped in last month due to the worsening COVID-19 crisis in India.