LONDON (AP) -- Britain has announced an 11 percent increase in funding for Olympic and Paralympic sports in a bid to win more medals in Rio de Janeiro in 2016 than the record number the host nation earned at the London Games this year.

Britain will invest a record $562 million to meet its target of winning 66 medals at the Rio Olympics and 121 medals in the Paralympics. That is an increase of one medal for both.

UK Sport chief executive Liz Nicholl says "we want to be the first nation in recent history to be more successful in both the Olympics and Paralympics, post-hosting."

Swimming's funding was slashed by nearly $6.48 million, but rowing and cycling - Britain's two most successful sports - will receive at least $48.65 million each.

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