The collaboration was confirmed by Paris 2024 President Tony Estanguet and AFD chief executive Remy Rioux at the Global Sports Week Paris here today.

Both organisations are set to work together on national and international projects with the aim of achieving social and societal changes.

Paris 2024 say the agreement is “unprecedented” for the Olympic and Paralympic Games, with the AFD set to help the Organising Committee to achieve its legacy and sustainability strategy.

Projects will centre on areas such as education, health, gender equality, disability and peace through sport beyond France’s national boundaries.

"We are very pleased and proud to sign this cooperation agreement with the AFD,” said Tony Estanguet, President of Paris 2024.

“At Paris 2024, we are convinced that sport provides solutions to the major challenges of our time: education, equality, health, coexistence and so on.

“We are already working to make this belief a reality in France, by supporting existing initiatives and developing new projects with the actors committed to working alongside us.

“Because the Olympic and Paralympic Games are a great universal and fraternal celebration that is open to all people, we also want to leave a legacy beyond our national boundaries, so that sport can play its full part in sustainable and human development.”

As part of the agreement, Paris 2024 and AFD will support a group of 24 athletes to deliver social and environmental projects.

Eight of the athletes are based in France, while the remaining 16 are leading projects in priority countries identified for French Official Development Assistance.

The 24 athletes will benefit from an entrepreneurship support programme through the partnership, with at least half of this first group being made up of female athletes.

The AFD will allocate €700,000 (£594,000/$769,000) to the programme through the 2020 to 2023 period.

During the same timeframe Paris 2024 and the AFD will provide €3 million (£2.5 million/$3.3 million) of funding towards projects which use sport for development.

Projects aimed at promoting gender equality through sport and improved integration of people with disabilities will be specifically supported, it was claimed.

Projects aimed at promoting gender equality through sport, and those that contribute to a better integration of people with disabilities through sport will be specifically supported.

Cities and regions that have obtained the "Terre de Jeux 2024" label will be able to apply for financial support from the AFD through the French Local Authorities Financing Facility (FICOL).

Each project that meets the eligibility criteria may be awarded between €200,000 (£169,000/$219,000) and €1.5 million (£1.2 million/$1.6 million) in financial assistance, with a maximum contribution from the AFD of 70 per cent of the total cost of the project.

“This partnership will connect the world of sport with development finance," Rioux told insidethegames.

“We distribute €1.4 billion (£1.1 billion/$1.5 billion) a year in 115 countries and behind us you have the world bank, the African development bank and lots of other financial institutions who are willing to contribute for the global good.

“Previously we have never tried to connect the two.

“We will start by supporting athletes who are already supporting social entrepreneurships and will ask non-governmental organisations to develop specific programmes for sport and development.

“The most exciting part is that we are looking to insert sport into projects that we are already financing, such as infrastructure, urban development, health, education and transport.”

Projects run by table tennis player Sarah Hanffou and Rio 2016 boxing bronze medallist Souleymane Cissokho could benefit from the funding.

Hanffou launched an association called Ping Sans Frontières in 2006, with the project currently using table tennis as an educational tool in Cameroon, Burundi and Ghana.

Funding could see the association expand further by expanding its table tennis table manufacturing by relying on the skills and expertise of local craftsmen.

Cissokho established the Secteur Sport Education association in 2011, with the boxing aiming to establish an academy dedicated to learning combat sports in his native country Senegal.

The boxer says the project is aimed at offering young people support and aid integration in society.

Paris 2024 and the AFD are already collaborating on supporting the Dakar 2022 Youth Olympic Games.

The AFD has pledged to provide funds for the renovation of the main infrastructure projects which will be used at Dakar 2022.