The ICC board has approved an increase in funding available to its Associate and Affiliate Members from $125mn in the previous cycle to $208mn for the period 2016-2023. Prize money for the top-ranked Test sides and for ICC events has also gone up substantially.

The increased funding was in line with the ICC's new strategy, which aims to assist the development of more competitive teams in international cricket, an ICC release stated. The annual funding pool for the Associates and Affiliates will go up from $20mn in 2015 to $26mn in 2016.

The board has allocated $65mn as prize money for the top-ranked Test sides and for men's and women's ICC events for 2016-2023, representing a 41 per cent increase compared to the amount paid in the previous eight-year cycle.

The number-one ranked Test team on the cut-off date of April 1 will henceforth receive $1 mn, which is double the existing amount.

The board also "recognised the improved standard and professionalism in women's cricket" by approving a five-fold increase in the prize money for the six ICC women's events during 2016-2023. The prize money now stands at $4.4mn, including $1mn for the Women's World Cup 2017.

The eight-team Women's World Cup will be played on a round-robin basis, with the top four sides progressing to the semi-finals. The change in the format means there will be a total of 31 matches (compared to 25 in 2013), with each side guaranteed a minimum of seven games during the tournament.

There will also be a second edition of the Women's Championship post 2017. The ICC noted that the tournament has "significantly enhanced the standard of women's cricket" with each side guaranteed a minimum of 21 ODIs over a two-year period.

To encourage attacking play in women's ODIs, all changes that were introduced to the men's playing conditions in June 2015 except two will also apply. The batting PowerPlay will remain in women's ODIs, and there will still only be four fielders outside the circle between overs 41-50. These amendments will come into effect from this week's series between West Indies and Pakistan.