A monument to the English playwright William Shakespeare will be installed in central Moscow by 2019.

Moscow Mayor Sergei Sobyanin signed a decree on Oct. 12 to set the project in motion, the Interfax news agency reported Thursday, citing the city administration.

The statue will be placed near Red Square in the Old English Court Museum, which housed English merchants in the 16th century. An open competition will decide the design, after which the statue’s financing, production and installation will be undertaken by the British Council.

Initially proposed by the British Council Russia, the project was approved at a 2016 meeting between the Monumental Art Commission and the Moscow City Duma.