The Government intends to double the annual budget of the Irish Sports Council over the next four years to £20 million.
As a first step, an additional allocation of £2.5 million is being provided this year. Mr McCreevy said the council was set up to encourage the promotion and development of sport by increasing participation levels and improving the level of performance.
It recently published a statement of strategy called A New Era for Irish Sport which charted its priorities for the next three years.
The Minister also announced that funds are to be provided, through the Sports Council, for the development of programmes aimed specifically at greater underage participation in soccer, rugby, hurling and football.
This will be done by giving the Football Association of Ireland £1 million, the Gaelic Athletic Association £1 million and the Irish Rugby Football Union £0.5 million.
Funding is also being provided to encourage greater participation by older people in sport.
Some £500,000 will be provided through the council to help fund ideas in this area.