A further MYR72 million has been allocated for sport in Malaysia's latest budget ©Getty Images

The Malaysian Government has allocated MYR72 million (£12.4 million/$15 million/€14.3 million) of its budget for next year to sport in pursuit of a first Olympic gold medal at Paris 2024.

Malaysia has won 13 medals in its 17 Summer Games appearances but has never had an athlete stand atop the podium.

Prime Minister Datuk Seri Anwar Ibrahim, who is also the Finance Minister, said that MYR20 million (£3.4 million/$4.2 million/€3.9 million) is being invested into the Road to Gold initiative.

The scheme was launched in March with the aim of giving Malaysia's best athletes the support they need to win medals at the highest level.

A group of 18 athletes are currently part of Road to Gold, alongside the national hockey teams.

"We celebrate the success of our national heroes and heroines who brought glory to the country at the Hangzhou Asian Games by winning 32 medals," said Anwar Ibrahim at the announcement of the Malaysian budget for 2024, as reported by malaymail.

"Sport is a key platform towards building solidarity among Malaysians.

"Despite our difference in race and religion, our diversity does not in any way dampen the spirit of sportsmanship."

Datuk Seri Anwar Ibrahim has invested into Malaysia's drive for a gold medal at Paris 2024 as he believes
Datuk Seri Anwar Ibrahim has invested into Malaysia's drive for a gold medal at Paris 2024 as he believes "sport is a key platform towards building solidarity" ©Getty Images

Furthermore, MYR12 million (£2 million/$2.5 million/€2.3 million) is due to be invested into the National Sports Council.

The money will go towards training programmes and athlete preparations for Paris 2024 as well as support for Para athletes. 

Anwar Ibrahim claimed that MYR50 million (£8.6 million/$10.5 million/€9.9 million) is set aside for the maintenance and upgrading of sporting facilities across the country.

He added that the Government will also continue to provide a matching grant of MYR50 million to encourage the hosting of prestigious sports events by sports organisations.

"The Government will continue to amplify sports and recreational programmes for the people, including swimming programmes for children, persons with disabilities and the elderly from less fortunate families," he said.

"The organisation of sports and recreational activities to help senior citizens stay active and healthy will also be increased."

Malaysia boasts eight silvers and five bronzes since its Olympic debut at Melbourne 1956.

A total of nine of Malaysia's 13 medals have come in badminton which is seen as their best chance for the elusive gold.