The Pentagon on Wednesday put a total value of $5.85 billion on a multi-part deal to upgrade Taiwan's F-16 fighter jets.

Shortly after an announcement in Taipei, the Pentagon said it had formally notified Congress of the deal that will include equipment, parts, training and logistical support.

The Pentagon announced the deal in three parts valued at $5.3 billion, $500 million and $50 million. The deal includes a retrofit of the island's F-16 A/B aircraft "which will greatly enhance the recipient's ability to defend its borders," a Pentagon statement said.

Lockheed Martin among other arms companies will be a major contractor in the retrofit which will include missiles GPS laser-guided bombs, the Pentagon's Defense Security Cooperation Agency said.

"This proposed sale serves US national, economic and security interests by supporting the recipients continuing efforts to modernize its armed forces and enhance its defensive capability," the statement said.

"The proposed sale will help improve the security of the recipient and assist in maintaining political stability, military balance and economic progress in the region," it said.

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