According to the agreement, France will increase police presence along the coast, while the UK will contribute just over SEK 8.2 billion.
The number of people attempting to reach the UK by sea has increased over the past three years, with just over 41,000 migrants arriving in smaller boats last year.
"Our work with the French has stopped tens of thousands of illegal migrants from boarding boats bound for the UK. But we must do more," said UK Home Secretary Shabana Mahmood, according to the BBC.
Mahmood adds that the agreement will "put human traffickers behind bars."
