Wed May 28, 2014 7:57am EDT

May 28 (Reuters) – Brazil’s government announced on Wednesday that it approved the transfer of up to 24 billion reais ($10.7 billion) to state development bank BNDES to provide new capital to the country’s leading source of long-term corporate loans.

The funds will be provided in the form of government bonds, according to the Diario Official, an official publication used to announce the actions and orders of the Brazilian federal government.

($1 = 2.2397 Brazilian reais)