New Delhi, Aug. 27: The International Cricket Council and the Pakistan Cricket Board resolved the dispute over 2011 World Cup matches taken away from Pakistan, clearing the way for the smooth hosting of the elite event in the sub-continent.

As per the agreement, which will be signed soon, the PCB will retain its hosting fees and also receive an additional payment as reasonable compensation for loss of hosting rights that it would have enjoyed had it hosted the matches on Pakistan soil.

The PCB, on its part, has agreed to withdraw its legal proceedings against the ICC. The resolution was reached during a meeting between ICC president David Morgan and PCB chairman Ejaz Butt in Dubai on Thursday.

"This resolution is good for world cricket and provides an improved platform for the ICC Cricket World Cup 2011 as we now have a degree of certainty surrounding the event that was not there while the dispute was ongoing," Morgan said. "I am glad we were able to come to an amicable agreement and I believe this is a fair resolution for the PCB and the ICC," the ICC president added.