Ethiopia's Ministry of Youth and Sports and the Chinese State Construction Engineering Corporation (CSCEC) have signed an agreement for developing the Addis Ababa National Stadium, which is expected to cost approximately ETB2bn ($93.3m).
The planned national stadium will be constructed on 48.8ha of land, and be near to the Youth Sports Academy in Bole sub-city.
It is expected to have a capacity to seat 60,000 spectators and will also have parking space for 10,000 cars.
CSCEC is expected to complete the development, which is in compliance with the FIFA and IAAF specifications, within 900 days.
Once developed, the Addis Ababa stadium is expected to host events for both the World Cup and the Olympic Games.
MH Consulting Engineering has won the design contract for the project, which is expected to open up to 2,000 new job opportunities during the construction phase.
CSCEC general manager Song Sudong was cited by The Construction Index as saying that the upper part of the stadium will feature fibre glass, in accordance with the design.
Ethiopia has already relocated more than 550 people from the site where the stadium is proposed to be built.
The development is also expected to involve the removal of a mosque from the site, discussions for which have not yet been carried out with the Muslim congregation.
Ethiopia Youth and Sports minister Redwan Hussein was quoted by eNCA news broadcaster as saying: "We plan to use the new stadium, which will have versatile purposes, and other regional stadiums under construction as a stepping stone to a bid for the African Cup of Nations and international athletics competition to make the country a great sporting nation once again."