The two organisations will also work towards increasing visibility for the Paralympic Games along with the development and implementation the Olympic Agenda 2020, which dictates a strategy for the future of the Games.
"Enhancing the cooperation between the Olympic and Paralympic Movement was one of the key recommendations of Olympic Agenda 2020," IOC President Thomas Bach said a day after the 2018 Paralympic Winter Games kicked off in PyeongChang.
"Therefore, the IOC is pleased to strengthen its substantial support to the IPC and the entire Paralympic Movement because we share so many of the same values and objectives."
The IOC will continue to provide financial stability for the IPC, benefiting Paralympic athletes and organisers for the next 14 years.
"Strengthening the relationship with the IOC and securing the future of the IPC and the Paralympic Movement was my number one priority when I was elected as IPC President last September," IPC President Andrew Parsons said.
(Reporting by Aditi Prakash in Bengaluru; Editing by Amlan Chakraborty)
