The South American country were competing against a joint bid by Australia and New Zealand, Colombia and Japan.
Having hosted a number of major international tournaments in the last six years, including the 2014 FIFA World Cup, the 2016 Olympic Games in Rio de Janeiro and the 2019 Copa America, Brazil were favourites to win the bid.
However, the coronavirus pandemic, which has infected more than 700,000 people and claimed over 37,000 lives in Brazil, has led to the government declining to release funds to support a successful bid.
Brazil will now support Colombia’s efforts to host South America’s first ever Women’s World Cup.
A statement released by the Brazil Football Confederation (CBF) read: “In view of the exceptional times experienced by the country and the world, CBF understands the cautious position of the Brazilian government, and of other public and private partners, which prevented them from formalising the commitments within the time or in the required manner.”
"Thus, CBF decided to withdraw the Brazilian candidacy and support Colombia in the dispute for the host of the FIFA Women's World Cup 2023," the statement added.
FIFA will announce the hosts for its flagship tournament for women’s football on June 25.
USA are the defending champions of the Women’s World Cup.
