Bloomberg reported this, citing an informed source.
The initiative aims to deliver artillery ammunition, air defense systems, precision strike missiles, drones, and other weaponry.
The initiative is open for contributions in kind and cash from EU member states and like-minded allies.
According to the publication, the European Union wants to finalize the initiative at a meeting of foreign ministers scheduled for February 24. However, delays are possible due to the anticipated opposition from Hungary and Germany's focus on its internal elections.
Previously, Politico, referencing three diplomats, reported on the EU's plans to allocate a military aid package of 6 billion euros to strengthen Ukraine's position ahead of peace talks with Russia. However, sources indicated that the 6 billion euros is just a starting figure that could increase.
It is expected that the financial contributions from countries will be proportional to their gross national income.