Disclosing this after a cabinet meeting here today, Chief Minister Oommen Chandy told reporters that the state government would be signing an MoU with the Union Sports Ministry for the conduct of the international event.
Chandy said the state had approached the Centre expressing interest in hosting the quadrennial event and the state cabinet gave its approval.
He said details such as development of stadium and allied infrastructure facilities required for such a major sporting event would be worked out later.
"While the expenditure for upgradation of stadium (Rs 95 crore) will be provided as additional central assistance to the State Governments, a sum of Rs 25 crore is kept as a contingency to ensure smooth conduct of the tournament.
"AIFF and FIFA have agreed to bear the entire expenditure of hosting the tournament. The amounts required are to be raised through sponsorships and other commercial agreements," the statement added.