The Eiffel Tower is set to undergo a 15-year, €300m renovation, an announcement that comes as Paris prepares to bid for the 2024 Olympic Games and the Universal Exhibition in 2025.

Under the renovation project, the tower will be equipped with new lighting systems and elevators will be overhauled, while retaining functionality.

In addition, the site's security system will be improved and new measures will be introduced to reduce long queues and provide shelter to tourists, reported news agencies.

Paris deputy mayor Jean-François Martins was quoted by The Guardian as saying: “There could be one or more places for the public to wait that are sheltered.

“Today, they are queuing in the rain and snow, and that is not the best welcome for our foreign tourists.”  

The recent investment marks a 45% increase on the €13.7m fund that the French capital spends annually to maintain the tower.

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The proposal for the renovation project will be presented before the Paris council at the end of this month.

Eiffel Tower was built 128 years ago as a temporary structure for the 1889 Universal Exhibition, held in the French capital.

"The tower will be equipped with new lighting systems and the elevators will be overhauled, whilst retaining the actual workings."

Every year, the landmark attracts nearly seven million visitors.

It is painted every seven years, a process that consumes 66t of paint and takes nearly 20 months to complete.  

In 2014, the first floor of the tower was renovated, which saw introduction of glass panels.

Image: An illuminated Eiffel tower. Photo: courtesy of Yann Caradec/Wikipedia.