The festival will also introduce a new documentary award for its 68th edition next year.
The Michael Powell Award, previously worth £5000, will now come with a cash prize of £20,000. Documentaries will no longer be in the running for that award but will be given their own prize, worth £10,000.
The Best International Film award will remain but will see its prize money doubled to £10,000.
The 2014 festival will also add a further two galas to the existing opening and closing films.
Bob Last, the festival's chairman, said the plans were "a serious statement of intent" to "remind people that Edinburgh is the place to bring your feature".
He added: "Edinburgh International Film Festival is on a journey back to greatness. There was a year zero  at Edinburgh, prior to the involvement of the current team, when organisers threw all their sticks in the air and tried to reinvent the festival. They got it wrong.
"But the festival turned a corner a couple of years back with the appointment of Chris Fujiwara as artistic director and we are rebuilding."