The governing body revealed the decision followed an inspection visit to the two countries, as well as further discussions with the Member Associations.

It will make the first co-hosting of a FIFA youth tournament, with the 2002 World Cup in South Korea and Japan the only other time a FIFA event has been held in multiple nations to date.

"We would like to thank the Costa Rican and Panamanian football associations for their commitment towards women’s football and the FIFA U-20 Women’s World Cup in particular," said Colin Smith, FIFA’s chief tournaments and events officer.

"We are looking forward to a fantastic competition in August."

A total of 16 teams are due to compete at the FIFA Under-20 Women’s World Cup next August.

The teams will be separated into four groups of four, with the top two in each advancing to the quarter-final stage of the competition.

It will be the 10th staging of the tournament, which first took place in 2002.

United States and Germany have won the tournament of three occasions, while North Korea celebrated victory in both 2006 and 2016.

Japan are the current holders having won the title for the first time in France during 2018.

"After the highly successful FIFA Women’s World Cup in France this year, it is important that we build on the momentum at all levels of the game," Sarai Bareman, FIFA's chief women’s football officer, said.

"The Under-20 Women’s World Cup in Costa Rica and Panama next year is a perfect opportunity for us to continue driving the popularity of the game and with it being the first jointly hosted tournament - we can make the impact even greater,"

FIFA revealed discussions are still taking place over the number of stadiums which will be used at the tournament.

The time frame of the event and match schedule are also set to be determined.

Both host nations are expected to compete in the event, with Panama set to make their debut.

Costa Rica will participate for the third time, while two other teams from the Central, North America and Caribbean region will also qualify.

Defending champions Japan, North Korea and South Korea have already qualified as the three Asian representatives, while two African spots will be determined next year.

New Zealand have taken the sole Oceania spot, with the South American Under-20 Women’s Championship set to decide a further two places.

Germany, Spain, France and The Netherlands will also take part, having qualified through the UEFA Women’s Under-19 Championship earlier this year.