Over the next 10 years the Council - working in partnership with Environments For Learning - will carry out the programme.
The length of the agreement gives the new partnership the opportunity to transform education for generations of students.
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It is expected that 20 schools will benefit from the scheme, which will provide state-of-the-art teaching and learning facilities and services for community use.
This concludes a rigorous process since announcing E4L as its selected bidder in March and is one of the fastest BSF schemes to reach financial closure.
Work will begin work at the two sample sites, Rowley Regis Learning Campus and Smethwick Learning Campus immediately this summer, with the buildings open and fully operational in 2011.
Mr Jones said: "This is a fantastic achievement for everyone associated with the project.
"This is part of the council's focus to provide first class education which needs first class facilities.
"I am confident that E4L will exceed our expectations in bringing our vision of schools fit for the 21st century to life."
(CD/KMcA)
