Cricket's governing body has unveiled a cash boost for associate and affiliate countries as well as an increases in prize money for the top men's and women's teams.
The decisions were made during a two-day meeting of the International Cricket Council board which concluded in Dubai on Tuesday.
"The board approved an increased allocation of $US65 million ($A88.3 million) prize money for the top ranked Test sides and for men's and women's ICC events during the period 2016-2023," said an ICC release.
That means a 41 per cent increase in prize money paid to players compared to the previous eight-year cycle, the ICC said.
As a result, the No.1-ranked Test team as of April 1 next will receive $US1 million, up from $US500,000 in 2015.
"This prize money is in addition to the Test Cricket Fund of $US70 million, which the ICC board introduced last year to help ensure Test playing sides are able to sustain a home program of Test cricket through to 2023.
"The fund will be available from next year to all Test Members except the Board of Control for Cricket in India, Cricket Australia and the England and Wales Cricket Board."
The ICC said it has increased funding for 38 associate and 57 affiliate members in an attempt to develop the game in these countries.
"The board approved that direct funding available to the associate and affiliate members will increase from $US125 million in the previous cycle to $US208 million for the period 2016-2023," said the ICC.
Australia with the Test mace in 2002 // Getty Images
The ICC board also acknowledged improvement in women's cricket by approving a five-fold increase in prize money to the six ICC women's events to be played from 2016-2023.
"The women will compete for total prize money of $US4.4 million during the period, including a prize money pool of $US1 million for the ICC Women's World Cup 2017," said the ICC.
The ICC noted a development in relations with the suspended United States Cricket Association.
"The board was pleased with the work undertaken, in conjunction with the wider US cricket community, to start developing a meaningful strategy for cricket in the USA, which includes the unification of all stakeholders."
The Women's World Cup (50 overs) will have a new format for the 2017 edition with eight teams competing in the event to be hosted by the England and Wales Cricket Board.
"The tournament will now be played as a round-robin format with the top four sides progressing to the semi-finals, followed by the final."