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The European Union is ready to propose a financial aid package of around €50 billion ($55 billion) to support Ukraine as the country embarks on a critical counteroffensive to retake territory lost since Russia’s invasion more than a year ago, Bloomberg reported.

The proposal from the European Commission, the EU’s executive arm, will help finance the Ukrainian government’s current expenditures and pay for urgent reconstruction priorities, according to people familiar with the plan.

The package, still subject to changes before it’s made public, will be announced Tuesday ahead of a conference this week in London, where donors will discuss how to rebuild the country and Ukrainian officials will seek private sector involvement.

The commission wants to avoid a burdensome reconstruction instrument for a country at war and will offer the aid in the form of grants, concessional loans and guarantees, said the people, who spoke on condition of anonymity because the discussions are private.

The aid package comes at a pivotal time in the war, with Ukraine’s forces launching a long-expected spring campaign. The Ukrainian government is counting on the counteroffensive to push Russian forces from more territory and encourage allies to continue providing needed support even as some countries are pressuring Kyiv and Moscow to negotiate. Ukrainian officials last week said their troops had made some advances amid “severe fighting.”

The proposal, part of the review of the EU’s longterm budget, would cover the period from 2024-2027. It would provide less annually than the €18 billion in financial assistance the EU is offering this year. The World Bank has estimated that Ukraine’s reconstruction costs could amount to $411 billion.