The Irish government has set aside €27m (£21.1m, US$30.1m) in sports grants for 2016, which will be distributed to governing bodies and local partnerships via the recently-created quango Sport Ireland.

Michael Ring, Ireland’s secretary of state for Tourism and Sport, revealed a number of packages, including €10.25m (£8m, US$11.4m) which will be invested to support athletes participating at the Rio 2016 Olympics and Paralympics.

Additionally, €10.6m (£8.3m, US$11.8m) has been earmarked for Ireland’s national governing bodies, while a further €5m (£3.9m, US$5.6m) will be invested through the national network of Local Sports Partnerships.

“The grants announced today will not only support the core activities of sports bodies, including their administration, they will also support very important sport programmes such as Women in Sport and high performance programmes,” said Ring, adding that the overall budget had been increased by €3m (£2.3m, US$3.3m).

Of the €10.25m High Performance fund, €1.8m (£1.4m, US$2m) will go towards the International Carding Scheme – the Irish Sports Council’s operation for the development of elite athletes. From the governing bodies fund, additional money will go towards Hockey Ireland and Pentathlon Ireland because of their “outstanding results in 2015” and their “well-placed” position to do well in Rio.

Over €600,000 (£467,828, US$667,997) will be invested in Women in Sport Programmes, while €200,000 (£155,942, US$222,665) will go to the Team Ireland Golf Trust to provide financial support for golfers.

Ring added: “In addition, it is envisaged that significant funds will be available through Dormant Accounts funding for sports programmes in disadvantaged communities to support the recently announced National Physical Activity Plan. The increase in funding for this year is recognition of the government’s commitment and my own personal commitment to sport.”

Funds will be distributed via Sport Ireland, the organisation established last summer to oversee sporting provision in the nation. The body is based at the National Sports Campus in Dublin.

Sport Ireland chief executive John Treacy said it was an “exciting time for Irish sport.” He added: “I would like to thank the minister for his support through the last number of years.”