With the current $30 billion agreement of U.S. military aid to Israel set to expire in September 2018, and most of it already earmarked for F-35 fighter jets and other equipment, a new package aims to extend aid through 2028.

Defense News reported this week that Defense Minister Moshe Ya'alon has the Israeli government's approval to finance more purchases using what is called a "deferred payment plan" (DPP).

The plan would allow Israel to pay only interest and fees for near-term purchases. "Principal will be covered by the new Obama-pledged package that would extend annual foreign military financing (FMF) aid through 2028," the report says, quoting U.S. and Israeli sources.

Israel, the report adds, is banking on President Barack Obama's pledge to extend military aid after 2018.

A large bulk of the weaponry Israel is set to purchase is the V-22 tilt-rotor aircraft. Based on unofficial data, each V-22 costs almost $70 million. It has a flight range of about 1,600 kilometers and is capable of carrying 24 soldiers at a maximum speed of 400 kilometers per hour.

Last January, the Defense Security Cooperation Agency (a U.S. government agency) published data showing Israel’s purchase of six V-22B Osprey aircraft from the U.S. will cost $1.3 billion. According to the data, the deal includes several other components that help explain the high price tag: 16 Rolls Royce engines, six radar warning receiver systems, six missile warning systems, six tactical airborne navigation systems, 36 night vision goggles and much more, along with a complete training and technical support package for the aircraft.