The money was allocated in last week's Comprehensive Spending Review and covers the 2008/11 period.
A total of £9.3bn will go to the Building Schools for the Future (BSF) programme to rebuild or refurbish secondary schools. The Primary Capital Programme, the primary school equivalent of BSF, will receive £1.9bn and £150m will be spent improving school kitchens.
Children's Secretary Ed Balls said: "Well-designed facilities are central to raising standards."
There will also be extra funds for expanding successful schools and turning around those that underperform, targeting deprived communities and enabling head teachers and councils to address local educational concerns.
Martin Johnson, acting deputy general secretary of the Association of Teachers and Lecturers, welcomed the money for modernising primary schools: "This will help to make all schools fit for use and put an end to children having classes in leaking and rotting huts."
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