This announcement was made today at the school, in Boikin-Dagua LLG of Wewak District, by Minister Richard Maru.
Banak Primary School was established around 1967.
The school has stood the test of time for the last 50 years, producing some of the province's educated elites.
Hosting Minister Maru and local member Kevin Isifu, chairman of the school Oto Sawiembi outlined the needs of the school.
A complete revamp or at least building additional classrooms is their biggest wish.
Sawiembi said a new high school to complement Banak Primary School is highly desired to enable Banak Primary School students to continue to lower secondary level.
Sawiembi added currently there are only two secondary schools, resulting in many students dropping out.
Minister Maru in response pledged K500,000 for the school for redevelopment purposes.
He told the chairman and teachers to draw up a plan capturing the development needs of the school and present it to the District Development Authority for funds to be appropriated.
Meanwhile, local member Kevin Isifu confirmed that K2 million from the K10 million DSIP funds is available however, funds will not be released until schools provide detailed reports and acquittal.
Member for Wewak Isifu said the District Development Authority recently bought a vehicle and dinghy and motor for the district education inspector and his officers to visit primary schools in the Wewak electorate and inspect the schools.
School inspection will enable school boards and DDA to invest money in areas that need improvement.
Isifu added as it is now, there are no proper documentation and acquittal to state where previous funding were spent and which areas where improved and which are yet to be developed.
Isifu called on Banak Primary School's board, teachers and parents as well as other primary schools to start submitting proper reports and specific development proposals before funds can be released.