Astana in Kazakhstan is set to host the next IBA Women's World Boxing Championships ©IBA

Astana in Kazakhstan is set to host the next International Boxing Association (IBA) Women's World Boxing Championships with nearly $5 million (£4 million/€4.6 million) in prize money on offer, it has been announced.

The decision was taken during an IBA Board of Directors meeting here.

Aziz Kozhambetov, vice-president of international relations at the Kazakhstan Boxing Federation, presented the bid.

The tournament is set to be held in the Barys Arena next year.

"I am happy that such a powerhouse in boxing like Kazakhstan is to host one of the biggest IBA tournaments," IBA President Umar Kremlev said.

"The competition has already taken place in Astana in 2016, and now comes back in a more powerful way, as we double prize money for women.

"For the first place we award the boxers $200,000 (£161,000/184,000), and the overall prize fund is $4,8 million (£3.8 million/€4.4 million) for all 12 categories.

"This amount includes 10 per cent that belongs to the head coaches of the national teams. 

"I am looking forward to a great Championships and greeting the boxers in Astana next year."

This year’s Women’s World Boxing Championships was held in New Delhi.

Umar Kremlev says he is delighted that the
Umar Kremlev says he is delighted that the "powerhouse" nation of Kazakhstan will host the next IBA Women's World Boxing Championships ©Getty Images

Kazakhstan has previously hosted the event in 2016.

The prize money is a major talking point here as the IBA continues to increase it despite ending its sponsorship with Russian state energy supplier Gazprom.

The IBA has claimed in the past that the Gazprom sponsorship helped the International Federation close "a significant debt accumulated by the CK Wu regime."

A report published by Canadian law professor Richard McLaren last year also stated that the controversial sponsorship with the Russian energy giants saved IBA.

"The financial input by Gazprom put an end to the jeopardy that AIBA put itself in and saved it from financial collapse," the McLaren Report said.

"Whatever the debate of the source of the funds, it has ensured the continuing survival of the IBA."

Kremlev said that the "licence" for hosting the World Championships plays a big role in the prize money.

Securing a six-year deal with sports equipment manufacturer Sting Sports and sponsorships with "10 big names in the sports industry" are helping the IBA increase the prize money according to IBA secretary general and chief executive George Yerolimpos.

The Women’s World Championships in the Indian capital this year saw gold medallists earn $100,000 (£80,260/€91,410).

Kremlev has vowed to award the gold medallists of the Men’s World Boxing Championships $1 million (£802,600/€914,100) by 2027.