Chief Minister Manohar Parrikar told reporters that the scheme has been approved by the state Cabinet with the financial implication being pegged at Rs 50 crore annually.
"While primary schools will be given Rs 50 lakh each, high schools Rs one crore each and higher secondary schools Rs two crores for the purpose," Parrikar said.
The chief minister said that 50 per cent of the total allocation would be made in the form of grants and rest as interest-free loan, which can be repaid over next 15 years.
"The funds provided for the infrastructure creation can also be used to acquire land and also to install IT services like wi-fi and CCTV," he said.
State-run Education Development Corporation has been named as a nodal agency to implement the scheme, a revised version of the earlier scheme wherein schools were asked to mortgage their properties to avail the benefit.