The prize money for International Cricket Council (ICC) women's events will be increased by USD 2.6 million. The increase follows a rise in the revenue generated by the sport, a proportion of which is assigned to prize money. <p></p> <p></p>For the event in Australia next year, the winners and runners up will now receive one million dollars and USD 5,00,000 respectively, five times the amount on offer in 2018. <p></p> <p></p>An overall 320 per cent increase in the prize pot for 2020 as compared to 2018 will see each of the 10 competing teams receive significantly more as part of ongoing efforts to drive improved standards throughout the game and not just rewarding the top end. <p></p> <p></p>There will also be a substantial increase in the money available for the ICC Women's World Cup 2021 with the prize pot increasing to USD 3.5m from USD 2 million in 2017. <p></p> <p></p>The Board approved the establishment of the U19 Women's T20 World Cup with the first edition to be played in Bangladesh in 2021 and every two years after that. <p></p> <p></p>ICC Chief Executive Manu Sawhney said: "We have already stated our long-term commitment to reach parity across men's and women's cricket as part of a broader plan to grow and develop the women's game." <p></p> <p></p>"This is a journey we started in earnest in 2017 and next year it's our ambition to fill the MCG on International Women's Day for the final of the ICC Women's T20 World Cup 2020 which would be a world record for a women's sporting event," he said. <p></p> <p></p>"This significant increase in prize money and the introduction of a Women's U19 event is part of a much larger effort to grow the women's game around the world," added Sawhney.