The scheme offers $100,000 (£64,000/€91,000) over four years to all 215 members of the IAAF to help them fund development programmes.

The proposal by Coe to distribute half of the money that the money that the IAAF receives from the International Olympic Committee (IOC) was seen as a key factor in the Briton's successful campaign to succeed Lamine Diack as President, beating Ukraine's former pole vault world record holder Sergey Bubka at the election in Beijing in August. 

“How the IAAF invests the quadrennial fee received from the IOC to better serve its Member Federations was one of the major pillars of my election manifesto to become IAAF President,” said Coe. 

“This fund will be financed on a total of about $22 million over a four-year period which represents approximately half of the dividend received by the IAAF from the IOC.

“The fund, which we are calling the ‘IAAF Olympic Athletics Dividend’, has been put in place to assist Member Federations in designing and implementing structured and sustainable projects to develop athletics in their countries.

“The programme offers Member Federations assistance to develop and improve athletics where it matters most, with the full support of the IAAF.

“The IAAF must engage and work together with its members, listen to their needs and implement tailored solutions at a local and regional level.

"Only by doing that will we secure an exciting, prosperous future for athletics."

The budget of the Dividend – which is in addition to all existing IAAF development grants – will be distributed on an equal share basis of $25,000 (£16,000/€23,000) per year, although several countries, including Russia and the United States, have already announced they will waiver their right to receive the money so it can redistributed to smaller countries. 

The idea of the Dividend is to help fund projects such as those involving construction, refurbishment or maintenance of facilities; purchase or hire of equipment; preparation and training of athletes, coaches and team officials including travel support; staging of national and regional competitions; and the delivery of development and talent identification programmes in schools and clubs.

The IAAF will carefully approve the projects/programmes submitted by the Member Federations in a transparent and thorough process in which the value and quality will be assessed, they have claimed.

Last week Coe announced he is in the process of creating a new integrity unit, another key election manifesto promise, as he publicly unveiled an overhaul of the world governing body's advisory structures.

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July 2015: Coe pledges $100,000 over four years to all 214 IAAF Member Federations as Presidency bid steps up a notch