According to Reuters, the agreement includes €3bn (£2.1bn) of aid to help support the 2.2m Syrian refugees in Turkey. The deal also includes the renewal of talks about Turkey's entry into the EU and the possibility of visa-free travel within Europe's Schengen zone, which comprises of 26 European countries but does not include the UK.
Davutoglu told reporters: “Today is a historic day in our accession process to the EU.”
In return, Turkey will help with the flow of migrants through the EU, which will include the use of naval patrols and border checks.
Apparently the agreement was not easily reached, with Reuters reporting the 28 EU leaders struggled through Saturday to reach today's deal.