Budapest is due to host the Chess Olympiad in 2024 ©Getty Images

Hungary is set to host the Chess Olympiad for the first time in 2024 after Budapest was awarded the event at the International Chess Federation (FIDE) General Assembly.

The Hungarian capital was the only candidate to stage the event and its bid was approved by the membership at the online meeting.

More than 3,500 people are expected to take part in the Chess Olympiad in four years' time.

The tournament is scheduled to run from September 10 to 23 at the renovated Hungexpo Exhibition and Conference Centre.

Budapest will be the first Hungarian city to stage the Chess Olympiad ©Getty Images
Budapest will be the first Hungarian city to stage the Chess Olympiad ©Getty Images

According to Budapest's bid documentation, seeen by Daily News Hungary, the provisional budget for the competition has been set at just over €16.6 million (£15.1 million/$20 million).

More than €9 million (£8 million/$11 million) has been set aside for event services and operations as well as the hosting fee.

The FIDE held a one-off online Chess Olympiad this year and moved the event, which was scheduled to be staged in Moscow, to 2021.

The FIDE is looking for a host for 2022 after Belarus was stripped of the tournament for breaching its financial obligations.