Oakland will launch a citywide effort Thursday to triple the number of college graduates coming out of public schools, an ambitious and expensive “cradle to career” plan that aims to reverse cycles of poverty and hopelessness by raising expectations that all children can thrive in school.

The centerpiece of the Oakland Promise initiative is an infusion of grants, ranging from $500 college savings accounts for children born into poverty to college scholarships of up to $16,000 for low-income students. The money is intended to provide both real and symbolic support, signaling to kids and their families that there’s an investment in their future.

According to officials, who have spent six months developing the initiative and will announce the details Thursday at Oakland High School, it will cost $38 million to ramp up the program over the first four years and up to $35 million annually to sustain it. The money is coming from sources including foundations, philanthropists, the city and the school district.

The effort is something of an experiment, because no other place in the country has this kind of comprehensive, long-term strategy to send more kids to college, city officials said. But the need is great in Oakland, where 10 percent of the city’s public-school ninth graders graduate college.

“Yes, this initiative is ambitious,” said Mayor Libby Schaaf. “All my life I’ve seen this as the one thing that has held Oakland back.”

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