The medallists in each of 13 men and 12 women weight categories will receive winnings of $10,000 (£7,381/€8,843) for gold, $5,000 (£3,690/€4,421) for silver and $2,500 (£1,845/€2,211) for bronze.

"It's a really good initiative because you can remain in the amateur ranks and still make a living," said Steve Ninvalle, vice-president of the AMBC.

"So, you stand a chance of making a tidy sum if you are up in winnings or if you continue to win.

"This is an initiative of Umar Kremlev, the president of the IBA (International Boxing Association) and it’s something that has been applauded and embraced across the world, because injection of cash gives boxers something to work towards, other than the pride and the glory, there’s now the financial aspect of it which means a lot."

In late December, the IBA and AMBC made a joint site visit to Guayaquil to assess the work of the Local Organising Committee (LOC) prior to the event. 

"I saw a lot of enthusiasm from all the Government authorities and the LOC," said AMBC President Jose Laureano.

"Guayaquil has a great advantage for the event: hotels, hospital, competition stage and the airport are within a seven-minute radius.

"I am very confident that this event will be the beginning of American boxing in a big way."

Organisers claim that preparations for the competition are going ahead smoothly.

"The visit was successful as all the venues and hotels, as well as the logistics, were observed, taking a pleasant impression of the speed of the organisation," said Ecuadorian Boxing Federation President and IBA Board of Directors member Alex Gonzalez.