Egypt beat South Africa, the only other nation to submit, in a vote held at a Caf Executive Committee meeting.
Original host nation Cameroon was stripped of staging the tournament in November because of slow preparations.
Egypt, which will host the tournament for a fifth time, has just six months to prepare for the expanded 24-team finals, which kick off in June.
Caf has since offered Cameroon the chance to stage the finals in two years' time, which has meant that the original hosts for both the 2021 and 2023 finals have been asked to delay their tournaments.
Caf had originally planned to name the new hosts on Wednesday.
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