Story highlights EU sets up fund of nearly $2 billion aid to Africa to stem the migrant crisis

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(CNN) As Europe faces its worst refugee crisis since World War II, the European Union has launched an emergency fund for Africa to tackle the spiraling number of migrants flooding its shores.

The nearly $2 billion fund was unveiled at the end of a two-day summit of EU and African leaders in Malta. The fund will support projects to combat poverty, slow down migration and speed up repatriation programs. This new money is in addition to the 20 billion euros annually donated to Africa by the EU and its 28 states.

This is the sixth time that presidents and prime ministers of the European Union have tried to tackle the issue.

"We are under no illusions that we can improve the situation overnight, but we are committed to giving people alternatives to risking their lives," said European Council President Donald Tusk.

Tusk listed five major goals to stem the tide of migrants: "The elements of action plan are designed to, one, address the root causes of migration; two, enhance cooperation on legal migration and mobility; three, reinforce protection of displaced persons; four, prevent and fight against migrant smuggling and trafficking in human beings; and five, advance on returning persons that are not entitled to stay in Europe."

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