The increase in funding adds to the £2.25m already raised to support the city’s festival scene by the Scottish Government Edinburgh Festivals Expo fund and support from the City of Edinburgh Council and Creative Scotland.
Over half (£522,803) of the additional funding will come from the government through Scotland’s Culture 2014 initiative, a cultural programme designed to mark the Glasgow Commonwealth Games, which begin in July.
The festivals set to benefit from the funding include the Edinburgh International Film Festival, the Royal Edinburgh Military Tattoo, the Edinburgh Festival Fringe and Edinburgh’s Hogmanay.
The announcement follows news that the city will host the second Edinburgh International Culture Summit, which will see world leaders and cultural ministers from around the globe gather to discuss culture and policy.
Fiona Hyslop, Scotland’s culture secretary, said: "The Scottish government is pleased to extend our support for Edinburgh’s Festivals in 2014 and 2015 through the continuation of the Expo Fund and the additional support we are providing this year for the Year of Homecoming and through Creative Scotland, for Culture 2014.
"This takes the Scottish government’s investment in the Edinburgh festivals to more than £15m since the Expo fund was set up in 2007."
Counciller Steve Cardownie, festival and event champion at the City of Edinburgh Council, added: "Throughout the year the festivals bring the city alive for residents as well as visitors. The City of Edinburgh Council recognises the economic, cultural and social value of the festivals, generating £261m to the Scottish economy of which £245m benefits the Edinburgh economy every year.
"We know from the recent Edinburgh Peoples survey that 64% of residents have attended a festival in the last two years and we are delighted to continue to support the ever increasing ambitions of the festivals and their enormous contribution to this year of celebration."
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