By Emily Goddard

Baku 2015 has revealed European Sports Federations will receive a share of €2.5 million for participating at the first European Games ©Baku 2015February 5 - European Sports Federations will receive a share from a €2.5 million (£2.1 million/$3.4 million) funding pot for their participation in the inaugural European Games taking place in Baku in 2015, European Olympic Committees (EOC) President Patrick Hickey has revealed.

Today's announcement, which comes after the continental body approved its Games financial model at a meeting in Lausanne, follows the news last month that each of the 49 EOC member National Olympic Committees will receive an equal slice of €2.5million in a move to encourage them to send their best athletes to the event in the Azerbaijani capital.

All the continental Sports Federations sending senior athletes to Baku 2015 will receive a "base fee" of €70,000 (£58,000/$94,000) for each Olympic discipline and €40,000 (£33,000/$54,000) for each non-Olympic sport following the conclusion of the Games on June 28.

There is also a further €150,000 (£125,000/$200,000) available in the form of a "Rio 2016 Qualification Fee" for any sport offering athletes direct or indirect entry - such as through ranking points - to the Olympics in the Brazilian city at the European Games.

Taekwondo is one of seven sports to have confirmed it will use Baku 2015 as a qualifying platform for the Rio 2016 ©Getty ImagesTaekwondo is one of seven sports to have confirmed it will use Baku 2015 as a qualifying platform for the Rio 2016 ©Getty Images

So far seven sports - cycling, shooting, swimming, table tennis, taekwondo, triathlon and beach volleyball - have confirmed they will use Baku 2015 as a qualifying platform for Rio 2016, but other sports could still join the list.

In a letter to the Presidents of the 19 European Federations, Hickey said he hoped they will welcome the financial support.

"I am convinced that together we can make the European Games a great success not only in Baku but also for future editions and that we can create a model which strengthens the unity of sport and our respective financial positions across the whole of Europe," he added.

More than 5,400 athletes are expected to participate in the 18 sports - which include archery, badminton, fencing, gymnastics and karate - currently on the programme for Baku 2015, which will open in the Azerbaijan capital on June 12 next year.

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