It is the first partnership between the two organisations and saw them agree to discuss the organisation of a series of international conferences on sports and diplomacy and new sports competitions under the patronage of the United Nations (UN).

"We are committed to advancing the sport of boxing around the world, and this partnership with UNITAR will allow us to do so in a meaningful and impactful way," said IBA President Umar Kremlev.

"Through our collaboration, we will be able to empower individuals and communities through the values of our sport.

"I believe this Memorandum with UNITAR is a crucial step towards IBA's goal to promote values of continuous learning, which we implemented in our development programmes.

"Together, we can create more opportunities for our boxing family, including our athletes, who can have a sustainable future after their sports career."

The pair will also combine to launch charitable initiatives and fundraising for athletes from developing countries.

Funds from the IBA's recently launched NFT collections are set to also contribute to helping athletes compete.

Kremlev was joined by UNITAR executive director, and UN assistant secretary general, Nikhil Seth in signing the Memorandum of Understanding.

"The power and passion of sports have the overarching aim of bringing people and the planet closer together and leaving no one behind," said Seth.

"In light of the International Day of Sport for Development and Peace, IBA and UNITAR join forces to address the nexus of sports, diplomacy and the Agenda 2030."

The IBA sees the International Day of Sport for Development and Peace as an opportunity to recognise the positive role sport plays in communities around the world.