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In a landmark decision, World Athletics on Wednesday announced it will become the first international federation to award prize money at an Olympic Games.

It will start at this summer’s Olympic Games in Paris, which will take place from July 26 until August 11.

In a statement, World Athletics said a total prize pot of $2.4 million (sh9.1 billion) has been ring-fenced from the International Olympic Committee’s revenue share allocation, which is received by World Athletics every four years. 

This will be used to reward athletes who win a gold medal in each of the 48 athletics events in Paris with $50,000 (sh190 million).

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It is understood that this initiative by World Athletics also includes a firm commitment to extend the prize money at a tiered level, to Olympic silver and bronze medal winners at the 2028 Olympic Games in Los Angeles.

"The introduction of prize money for Olympic gold medallists is a pivotal moment for World Athletics and the sport of athletics as a whole, underscoring our commitment to empowering the athletes and recognising the critical role they play in the success of any Olympic Games," World Athletics President Sebastian Coe is quoted as saying.

“This is the continuation of a journey we started back in 2015, which sees all the money World Athletics receives from the International Olympic Committee for the Olympic Games go directly back into our sport.

“We started with the Olympic dividend payments to our member federations, which saw us distribute an extra $5 million (sh19 billion) a year on top of existing grants aimed at athletics growth projects, and we are now in a position to also fund gold medal performances for athletes in Paris, with a commitment to reward all three medallists at the LA28 Olympic Games," said Coe.

The Olympic Games in Paris will take place from July 26 until August 11. (AFP)

“While it is impossible to put a marketable value on winning an Olympic medal, or on the commitment and focus it takes to even represent your country at an Olympic Games, I think it is important we start somewhere and make sure some of the revenues generated by our athletes at the Olympic Games are directly returned to those who make the Games the global spectacle that it is.”

World Athletics said the payment of prize money will depend upon its ratification process, including athletes undergoing and clearing the usual anti-doping procedures. 

Each individual Olympic champion will receive US$50,000 (sh190 million). 

Relay teams will receive the same amount, to be shared among the team.

The global athletics body said the format and structure of the LA28 Olympic bonuses will be announced "nearer the time".