The European Union and Egypt on Sunday signed a 7.4-billion-euro financial package to support the indebted North African country, boost energy sales to Europe and stem irregular migrant flows.

The agreement includes €5 billion in loans over four years, €1.8 billion in investment and hundreds of millions for bilateral projects including on migration, said the European official.

The strategic partnership deal includes stepping up gas and other energy flows to help Europe “move further away from Russian gas”, said a senior European Commission official.

According to a senior European Commission official, the strategic partnership deal includes billions in credit over coming years and stepping up gas and other energy flows to help Europe move further away from Russian gas.