The Confédération Africaine de Football (CAF) has announced a significant increase in the prize money for the Africa Cup of Nations (AFCON) in Ivory Coast.

Winner of the tournament will now receive $7 million and the runner-up will be awarded $4 million, reflecting a 40% increase from previous editions.

Additionally, the semi-finalists will each receive $2.5 million, while the four quarter-finalists will be granted $1.3 million each.

The President of CAF, Patrice Motsepe believes the increased earnings will help “develop” football on the continent.

“CAF has made significant progress over the past two years in increasing the Prize Money of the AFCON and all its other major competitions.

“We have increased the Prize Money of the AFCON Winner to USD 7 000 000 which is a 40% increase from the previous AFCON Prize Money.

“I am confident that a portion of the Prize Money will contribute to developing football and also benefit all the football stakeholders, as well as assist our Member Associations with their administrations.”