The European Commission unveiled a proposal on Tuesday aimed at stemming the flow of migrants from Africa to Europe.
It is based on a similar migration pact that the 28-member bloc struck with Turkey in March.
EU officials say they will work with countries from Africa, but also the Middle East.
The idea will be to make development aid conditional on those countries cooperating with the EU on reducing those who leave for Europe’s shores.
“We must find solutions sustainable solutions. We cannot tolerate the loss of human lives at this scale and we must do everything we can to stop it,” the Commission’s deputy head, Frans Timmermans, said in a statement.
The European Commission said in a statement that funding could be as high as 62 billion euros.
More than a million refugees and economic migrants entered the EU via the Mediterranean last year.
But the UN refugee agency says more than 10,000 people have died trying to make the crossing since 2014.