Formula 1 president Stefano Domenicali hailed the new deal to take the sport back to Africa - ending an absence of nearly 40 years - as a "landmark" achievement.
Lewis Hamilton has been pushing the importance of having a grand prix in Africa for some time.
But the sport's bosses already recognised the importance of the project. And this deal marks the end of nearly 10 years of effort by F1's owners Liberty Media, which has had an ambition to hold a race in Africa since it bought the sport at the start of 2017.
Rwanda, which has signed a 10-year deal to host an African Grand Prix from the "early 2030s", has succeeded where Morocco and South Africa, among others, have failed.
That's because the east-central African country has managed to put together a single plan with the requisite financial backing and ambition to make the project work.
Morocco never found the requisite finances and South Africa has up to four separate projects ongoing with different promoters in three different locations, two in Cape Town.
For F1, with other countries also interested in slots on an already crowded schedule, that was too much to deal with.
The new Rwandan circuit being built in Bugesera, 40km south of the capital Kigali, is part of a wider development near a new international airport, currently under construction, that also includes facilities in sectors such as entertainment, residential, hotels, spas and sports science, as well as an innovation hub.
At the moment it is a greenfield site, but insiders say there should be no difficulties completing the project by 2030.
For Domenicali the deal marks a key moment in the sport's development under his leadership.
"It is the legacy of all of us to be in this very special moment," he said as he took the stage at the announcement in Kigali with Rwandan President Paul Kagame and FIA president Mohammed Ben Sulayem.
He added that he was "very proud", and that F1 was "showing the world what it means to be a country that has a vision".
"Rwanda is one of the world's great success stories," he said. "A nation of extraordinary natural beauty and stunning landscapes, combined with resilience and courage to overcome and be reborn from challenges of its past.
"It is a nation filled with ambition, creativity and determination. A nation that has become a destination for international investment, innovation and opportunity."
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From a purely sporting point of view, it's easy to see why Domenicali is so chuffed.
He has brought F1 back to Africa, where the last grand prix was held in 1993 in South Africa, and opened up a potential market of 100 million people that is largely untapped.
And the track, designed by former F1 driver Alex Wurz, promises a great deal.
Wurz is passionate about creating circuits with natural flow that challenge drivers, and he has envisaged this one in the style of the classic Spa-Francorchamps, Suzuka and Mugello tracks, with its own unique character - and the renders released do bear some obvious similarities to the first part of Suzuka.
The track is not completely finalised - there will be further consultation with teams and drivers - but is envisaged to be about 6km long, with 17 corners, and will use the undulating Rwandan landscape to help create a dramatic layout. It has nearly 200m of elevation change.
President Kagame has backed this project as a way of showcasing his country on the global stage, saying it would bring "jobs, skills, tourism and new business" to Africa.
Kagame said he wanted to "pave the way for other races to be hosted on the continent", and that projects such as this act as a catalyst to "help break the cycle" of African athletes achieving on the world stage but the continent getting little in return.
"We are not just looking at Rwanda alone," he said. "We are looking at Rwanda in the context of a continent and we have ambitions to bring in our African brothers and sisters to participate. We have had many other big events."