The announcement comes as the International Olympic Committee (IOC) Session gets underway in Buenos Aires this week, and the WOA hopes the new initiative will help further promote the values and principles of the Olympic Movement through its athlete members.

The WOA is an independent organisation which aims to unite Olympians and spread the spirit of the Games, or Olympism, by bringing together Olympic athletes from across the globe and encourage their involvement in public service, under its mission statement; "Service to Society - Service to Olympians".

This is the first time an investment programme of this kind has been launched by the WOA, which was established in 1995, and the intention is to enable NOAs to develop and undertake projects that benefit their Olympian members and encourage them to take a more active role within the communities they live in, as well as assisting NOAs to cover basic administration costs such as running meetings and events and also communicating with members.

"The WOA Board is delighted to announce the launch of the new NOA Development Fund and we see this is a significant step for the WOA in its mission to help grow and support our members," said Joël Bouzou, President of the WOA.

"We have a sizeable sum set aside in the budget for this project which we hope to enhance in the future with funds from supporters which we are currently negotiating.

"Any money raised will be added to the NOA Development Fund and will therefore directly benefit Olympians in their own countries.

"The WOA aspires to bring together Olympians from around the world to promote the steadfast values of Olympism.

"We hope that this new initiative will underpin this aspiration as we embark on the next stage of our development."

Former IRB chief executive Mike Miller (centre) has helped to oversee the launching of the WOA's Development Fund following his appointment as chief executive of the organisation earlier this year