The decision was reached at the high-performance funding agency's annual investment review, with the body holding a board meeting to confirm the plans.

Under the plan, Para-taekwondo, Para-badminton, sport climbing, karate and BMX freestyle will receive investment for the first time, having entered the Olympic and Paralympic programme.

UK Sport claim each of the events offers genuine medal potential, with the organisation stating it hopes to win more medals and have more medallists in Tokyo than at Rio 2016.

It is also hoped that the success will come across more sports.

Initial investment in the new Olympic sports is set to be made through targeted medal support plans, with bouldering world champion Shauna Coxsey and 2016 world champion Jordan Thomas being chosen in sport climbing.

Following impressive results at the 2017 World Championships, specific athletes in archery and badminton have also been supported.

Chris and Gabby Adcock will be supported in badminton, with the mixed doubles pair claiming bronze at last year's World Championships in Glasgow.

Archers Patrick Huston and Naomi Folkard will receive backing following their bronze medal in the mixed team competition at the 2017 World Championships in Mexico City.

UK Sport said the targeted medal support plans could reach up to eight athletes in each sport, with funding going towards full-time training as well as coaching, competitions, travel, equipment and expert sport science and medicine.

British wheelchair rugby will receive a small amount of transitional funding to support its ambitions to attend the World Championships in Australia this year.

It follows the team winning European gold in 2017.

The World Championships are seen as an opportunity to show their medal potential for Tokyo 2020, which could result in increased support.

The announcements are a boost to archery, badminton and wheelchair rugby, which all missed out on funding entirely in the initial award for the four-year cycle last year.

"UK Sport's vision is to inspire the nation through Olympic and Paralympic success," said Liz Nicholl, UK Sport chief executive.

"Today's announcement, following the annual investment review into our summer sports, confirms strong potential to deliver more medal moments from more sports in Tokyo 2020.

"Exciting new events such as sport climbing, karate, Para-taekwondo and BMX freestyle will be funded to inspire a whole new generation of Olympic and Paralympic sports fans and it is fantastic that we already have world class talents ready to compete for medals in those events and more.

"We are also delighted to be able to target funding to medal potential athletes who have delivered success at World Championship level in 2017 in the cases of badminton and archery.

"Thanks to National Lottery and taxpayer support we have been able to fund more sports targeting medal success in Tokyo than ever before with the promise of more British athletes on the Olympic and Paralympic podium to inspire the nation."

Archery, badminton, karate and sport climbing could receive up to £630,000 ($896,000/€719,000) in funding, while Para-taekwondo might be able to secure as much as £435,000 ($618,000/€496,000).

Wheelchair rugby's transitional award comes to £50,000 ($71,000/€57,000).

British Cycling could receive additional funding of up to £1.8 million ($2.5 million/€2 million) to support BMX Freestyle riders towards the Olympic Games.

UK Sport have also provided a boost in funding to Para-canoeing in the va'a boat classes.

In total, £280 million ($398 million/319 million) has been awarded by the funding agency, an increase on the £274 million ($390 million/€312 million) announced last year.

Further Athlete Performance Award funding of over £61 million ($86 million/€69 million) can be given, dependent on athlete nominations and application.

UK Sport state that as a result of the funding review and the increased number of disciplines, their Olympic medal target has been increased to between 54 to 92, and 119 to 168 for the Paralympics.

The targets have been increased from 51 to 85 Olympic medals, and 115 to 162 Paralympic medals.