This is the largest-ever proportion of its annual budget to be devoted to sporting activities, according to the COB.

A total of BRL388 million (£55 million/$75 million/€62 million) - an increase of 20 per cent from 2020 - is forecast to be spent by the COB.

More than BRL301 million (£42 million/$58 million/€48 million) of this is forecast to come from lottery funding.

COB cost-cutting has been credited with freeing up a sizeable proportion of the remaining funds set to be spent on sport.

The budget had already been approved by both the COB Board of Directors and Fiscal Council, before going out to the General Assembly for final approval.

"It is with great joy that, once again, we will increase direct investment in sport, the raison d'être of the Olympic Committee," COB President Paulo Wanderley Teixeira said. 

"We faced great challenges in 2020, but we managed, through responsible financial resources management, to save on the activity means to increase the contribution to the end activity, which is sport. 

"If it were not for the austerity policy implemented in practice, we would not be in this situation of being able to support all sports and athletes in this moment of world crisis."

Wanderley was re-elected for a second term as COB President in October after overcoming the challenge of two rivals for the post.

Wanderley and his vice-presidential candidate Marco La Porta received 26 of a possible 48 votes to be re-elected.

Their official inauguration did not take place at the General Assembly, and is instead scheduled for January 12.