The Confederation of African Football (CAF) has announced a 40 percent increase in prize money for teams that will reach the quarterfinals through the grand finale in the upcoming 2023 AFCON.

This initiative comes ahead of the tournament's commencement in Côte d'Ivoire on January 13, showcasing CAF's commitment to enhancing the competition's significance.

In the previous edition held in Cameroon in 2021, the champions, Senegal, received $5 million, while runners-up, Egypt, secured $2.5 million.

For the 34th edition in Cote d'Ivoire, the winner will now be awarded $7 million, the second-placed team will receive $4 million, and the losing semi-finalists will each take home $2.5 million. The four teams that will get eliminated at the quarterfinalists will receive $1.3 million each.

Patrice Motsepe, President of CAF, expressed pride in the significant progress made over the past two years in increasing the prize money for AFCON and other major competitions.

"I am confident that a portion of the prize money will contribute to developing football and benefit all football stakeholders, as well as assist our member associations with their administrations," he said.

Senegal, the defending champions, enter the tournament as favourites alongside strong contenders like Morocco and Egypt. The increased prize money adds a new level of excitement and stakes to the upcoming AFCON, promising a thrilling competition for fans and players alike.