£1bn to be raised to renovate the British Museum
The British Museum plans to launch a major renovation, and its chairman, former Chancellor of the Exchequer George Osborne, hopes to raise 1 billion pounds (regarding 8.6 billion yuan) over the next 10 years.
The British “Financial Times” reported on February 5, citing multiple sources, that the renovation project included replacing the mechanical, electrical and plumbing systems in the museum building and refitting the public gallery. Funding for the renovation is expected to come from government grants and private donations.
Osborne, who was appointed last year as chairman of the British Museum’s board, will be responsible for raising funds.
The museum says it is now looking for the “best mix” of public and private investment.
A source with knowledge of the refurbishment plans said the British Museum was similar in size, architectural complexity and age to the Palace of Westminster, home to the British Parliament, and the renovation was expected to face challenges within its budget. The Palace of Westminster was initially renovated with a budget of 4 billion pounds (34.4 billion yuan), but British media recently reported that the actual expenditure is expected to far exceed the budget.
The British Museum is located in London, the capital of England. Founded in 1753, it is one of the oldest and largest museums in the world, with a collection of regarding 8 million pieces.
Original title: British Museum plans to raise £1 billion over 10 years for large-scale renovation
Responsible editor: Guo Wenjing
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