The European Union is urging Libya's warring factions to grasp the opportunity of a new peace deal and is promising massive backing once a unity government is formed.

EU foreign policy chief Federica Mogherini said Wednesday that the parties "are now really in the last mile" and must take their responsibilities and bring an end to a year of crisis.

She said the EU stands "ready from day zero to support, financially and in all possible ways they would wish."

Libya is divided between an Islamist-backed government in Tripoli and an internationally recognized leadership based in the east.

The U.N. envoy to Libya said Tuesday that he has presented the factions with a final draft of a peace deal and urged all parties to accept it.