The European Union will provide €1 billion in financial aid to Lebanon over three years to prop up the country’s economy and help prevent a surge in refugees leaving for Europe.

European Commission President Ursula von der Leyen announced the move on Thursday morning following a meeting with Lebanese caretaker Prime Minister Najib Mikati and Cypriot President Nikos Christodoulides in Lebanon’s capital, Beirut.

The cash, to be dispersed by 2027, will help Lebanon strengthen basic services such as education, social protection and health, and spur economic reforms in the crisis-stricken country, von der Leyen said.

The financial envelope is also designed to help Lebanon grapple with the challenges it faces in welcoming Syrian refugees.