The proposal for a subsidiary to promote the sport was outlined by IFSC general director Piero Rebaudengo with additional insights on its value by treasurer Pierre You, and is subject to a vote at the end of 2023.

Other International Federations including the International Volleyball Federation and International Table Tennis Federation have created commercial arms in the form of Volleyball World and World Table Tennis respectively.

Delegates from the 46 National Federations also voted narrowly to increase the minimum age eligibility at senior IFSC events from 16 to 17, effective from 2025.

This was approved on 57 per cent of the vote.

The 2025 Climbing World Championships, the first at which the new age requirements are set to come into force, were awarded to South Korea's capital Seoul.

South Korea has never previously held the World Championships, but Seoul made its debut on the IFSC World Cup circuit with a boulder and speed event in May last year.

Three members were also added to the IFSC Ethics Commission in Ethiopian International Olympic Committee member Dagmawit Girmay Berhane, former USA Climbing President Patti Rube and Italy's Mario Morelli.

IFSC President Marco Scolaris, who was yesterday cleared to stand for a fifth term in the role in 2025 after the General Assembly voted for an "exception", presented an Annual Report for 2022 to delegates at the Swissôtel The Stamford.

This included highlights such as sport climbing's debut at the multi-sport European Championships in Munich and the staging of the Climbing Summit in Turin in November.

The financial report was approved, Scolaris referenced hopes for Para climbing to feature as an additional sport at the Los Angeles 2028 Paralympics, and IFSC vice-president Kobinata Toru provided updates on Paris 2024 and the Olympic Qualifier Series.

Team trophies for last year's World Cup season were also presented to representatives of Japan, the United States and France.

Reports were additionally heard from Athletes' Commission President Shauna Coxsey, media and communications director Fabrizio Rossini and development director Silvia Verdolini.

The Mayor of Singapore's South East District Mohd Fahmi Aliman was a guest of honour for the final day of the General Assembly.

In its final decision, the General Assembly selected Chile's capital Santiago as host for next year's gathering and Cyprus for 2025.