The U.S. on Tuesday announced that it will spend $5.8 billion on government and economic development in Central America.
The United States said it will also spend $4.8 billion on development in southern Mexico.
The goal of the aid is to improve security and create jobs to discourage people from emigrating, according to The Associated Press.
The U.S. and Mexico announced the plan in a joint statement.
New Mexican President Andrés Manuel López Obrador on Tuesday said that he has "a dream" that nobody in Mexico will desire to work in the U.S., the AP reported.
“I have a dream that I want to see become a reality ... that nobody will want to go work in the United States anymore,” he said at a news conference.
The State Department said in a statement that the funding would "foster development and increase investment in southern Mexico and in Central America."
"The United States and Mexico today commit to strengthen and expand our bilateral cooperation to foster development and increase investment in southern Mexico and in Central America to create a zone of prosperity," the statement reads.
"Both countries recognize the strong links between promoting development and economic growth in southern Mexico and the success of promoting prosperity, good governance, and security in Central America," it continues.