The IFSC has confirmed it has received financial support from the IOC ©Getty Images

The International Federation of Sport Climbing (IFSC) has said financial support received from the International Olympic Committee (IOC) will help to ensure the development and promotion of the sport.

Twenty International Federations(IFs) have received financial assistance from the IOC to help them mitigate the impact of the coronavirus pandemic and the postponement of Tokyo 2020.

A total of 15 IFs received a loan from the IOC, including the International Basketball Federation, the International Golf Federation, the International Gymnastics Federation, the International Hockey Federation, the International Judo Federation and the International Modern Pentathlon Union.

The International Swimming Federation, the International Tennis Federation, the International Cycling Union, World Archery, World Athletics, World Rowing, World Rugby, World Sailing and World Taekwondo also received loans.

The IFSC is among five bodies to have received a donation, alongside the International Surfing Association, the World Baseball Softball Confederation, the World Karate Federation and World Skate.

The quintet represent additional sports added to the Tokyo 2020 programme, but did not acquire the right to share the money which will be distributed from the Olympic broadcast revenues.

Specific amounts made available to individual IFs were not disclosed, while some bodies turned down the offer of support.

"It's been encouraging to feel the support and solidarity of the IOC and of IOC President Thomas Bach all along this unbelievable, challenging crisis," said Marco Scolaris, IFSC President.

"The investment they made in us, in our future, is a precious milestone in the history of our young federation.

"We would like to thank them for leading not only us, but our whole community, through these very critical times.

"We are looking forward to working again alongside the IOC for the growth of our sport and for a successful debut on the Tokyo 2020 stage."

The IFSC has said the financial support will help with the development and promotion of the sport ©Getty Images
The IFSC has said the financial support will help with the development and promotion of the sport ©Getty Images

The IFSC said the governing body, member federations, athletes, officials and staff members had been deeply affected by the coronavirus pandemic.

Numerous national and international competitions have been cancelled or postponed due to the pandemic, as well as the delay to the sport's Olympic debut because of Tokyo 2020's postponement.

The IFSC added that the funding provided by the IOC would be used to develop and promote the sport, as well as helping to meet the standards required of an Olympic federation.

The IOC has said it has provided IFs and National Olympic Committees (NOCs) with $100 million (£78 million/€86 million) in financial support since the beginning of the coronavirus pandemic.

Bach said around $63 million (£49 million/€54 million) had been allocated to IFs and $37 million (£29 million/€32 million) to NOCs.