The International Cricket Council (ICC) has announced an inaugural Twenty20 World Cup will take place in South Africa in September 2007 with 12-teams competing in a nine-day event.
"The members of the ICC Board have embraced Twenty20 cricket while at the same time managing its growth," ICC chief executive Malcolm Speed said.
"South Africa has been an early-adopter of Twenty20 cricket and will be an excellent first venue for the ICC Twenty20 World Championship.
"The legacy of the ICC Cricket World Cup 2003 means that South Africa already has in place exceptional facilities and expertise and we are very confident that the United Cricket Board of South Africa will host a tremendous event.
"This short and sharp event will provide a global focus for the new format without having a negative impact on the international cricket calendar."
United Cricket Board of South Africa chairman Ray Mali was thrilled with the announcement, and is positive that the event will leave an indelible mark on international cricket.
"Twenty20 cricket has captured the imagination of the South African people over the last two seasons and we are delighted to have been asked by the ICC to host this first international event," Mali said.
"This is a great opportunity for South African cricket and we intend to grasp it with both hands by delivering an unforgettable experience to players and supporters in our country and around the world."
The second ICC Twenty20 World Championship will take place in England in June 2009 upon which time the event will be reviewed.