The cash injection, a 25 per cent increase, will be provided as part of the OFI’s discretionary funding programme first introduced in July last year and will be used for "Olympic-focused projects" across the cycle.

It is being provided in addition to scholarship programmes and investments by the OFI to support athlete and team participation in Olympic events.

"We look forward to contributing 25 per cent more funding this year to support Irish athletes and performance programmes at this important phase of the Olympic cycle," said OFI chief executive Peter Sherrand.

Sherrand added: "The 2018 applications demonstrated high levels of innovation and focus from our NGBs (National Governing Bodies) as well as the strong demand across Irish sport for additional resources.”

The 39 Member Federations of the OFI will now be invited to apply for between €5,000 (£4,300/$5,600) and €30,000 (£25,600/€33,900) in funding under three headings: "Make a Difference" projects, "Performance Coach Support" or "National Federation Olympic Development".

Member Federations have until April 4 to apply for funding, with all applications set to be reviewed by a five-person panel.

Last year grants were handed out to 19 projects under the funding system.