Monaco, December 4: Budapest will host the 2023 World Athletics Championships, the IAAF has announced.
It marks the first time the Hungarian capital will stage a top event, with the city having held the IAAF World Indoor Championships in 1989 and 2004, and the European Athletics Championships in 1966 and 1998.
Part of the Budapest bid is the construction of a new 40,000-seater stadium, which will reduce in capacity to 15,000 for future events, that will sit on the eastern bank of the Danube river.
Speaking at the IAAF Council meeting in Monaco, the governing body's president Sebastian Coe said: "We are delighted to award the 2023 World Athletics Championships to Budapest in Hungary, a country of extraordinary athletic tradition and great experience in organising world-class sports events.
"It has been the scene of some of our greatest moments as a sport. We are excited about their plans for a new stadium that will become a great legacy for athletics."
Next year's worlds will take place in Doha, before Eugene in the United States will play host in 2021.
Marton Gyulai, CEO of the Bid Committee for Budapest 2023, added: "In the past 30 years Hungary has organised every single world and European Championships, indoor and out - on the road, cross country - available to us except for the World Athletics Championships, and we are incredibly proud that this collection will be complete in just under five years' time."
Explaining more about the decision to choose Budapest, which was awarded the title of European Capital of Sport for 2019, the IAAF's news release added: "Budapest is the first IAAF World Championships host to be named under the new bidding process announced in February 2017 through which the IAAF assesses its strategic goals for growing the sport, targeting cities from countries and regions which will best assist in delivery of those aims.
"The aim is to create a true partnership matching the hopes and ambitions of potential hosts with those of the IAAF."