The England and Wales Cricket Board (ECB) Board has approved a policy to reinvest future revenues from ICC tournaments into women's cricket and urban areas.
ECB are expected to increase their revenues under new resolutions passed by the ICC Board earlier this month.
The reinvestment will mean a pay rise for the England Women's team as well as a bonus for retaining the Ashes.
"The success of the England women’s team was a real bright spot during an otherwise disappointing winter," ECB Chairman Giles Clarke said.
"Over successive years the women’s team have produced not only excellent results but have also been outstanding role models for a generation of girls and women who have been inspired to take up the game.
"These pay rises are significant and as a result, we are proudly creating the first group of full time women’s professional cricketers.
"We hope that they will become some of the best paid sportswomen in Britain - certainly the best in British women’s team sports."
The ECB will also use funds to create and revive grounds in inner city areas.
"ECB stands to benefit from the new financial arrangements at the ICC and the Board shared my passion for reviving cricket in inner cities in the next 10 years," Clarke added.
"Where there are no facilities we will work with local authorities and the outstanding Chance to Shine project to build grounds. That is the way that we can build proper inner city cricket clubs which will attract thousands of new players to the game."
© Cricket World 2013