The European Union and Egypt have signed a 7.4 billion euros agreement aimed at boosting co-operation in trade and security, as well as trying to stem the flow of migrants into Europe.

The deal upgrades the EU’s relationship with Egypt to a strategic partnership.

Report indicates that grants, loans and other funds are due to be delivered over the next three years to support Egypt’s faltering economy.

The country’s ongoing financial crisis has prompted an increasing number of Egyptians to try to cross to Europe, mainly via Libya, since the authorities have largely closed down the route from Egypt’s north coast.

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