World boxing championship medalists to get money prizes for first time in history

On Thursday, the International Boxing Association (AIBA) announced a USD 2.6 million prize fund for next month's world championships in Serbia, where the gold-winners will walk away with a cheque of USD 100,000.

The marquee event starts on October 24 in Belgrade.

"The prize money fund has been set at USD 2.6 million. The prize for first place is USD 100,000. Silver medallists receive USD 50 000, and both bronzes in each weight category receive USD 25,000," read a statement from the governing body.

AIBA President Umar Kremlev said the move is part of his efforts to place boxers at the core of all plans.

The championship will last until November 6.