The US will provide $1.45 billion of annual aid for Jordan for five years starting next year, the White House announced on Saturday.
It comes as US President Joe Biden held talks with King Abdullah of Jordan in Saudi Arabia following the Jeddah Security and Development Summit.
The gathering of leaders included officials from the GCC, Jordan, Egypt and Iraq, and came on the final day of Mr Biden's first tour of the region since taking office.
Mr Biden visited Israel, the Occupied West Bank and Saudi Arabia to lay out Washington's vision, strategy and policies towards the Middle East.
"The United States plans to make a commitment to support the provision of no less than $1.45 billion per year in US bilateral foreign assistance to Jordan, beginning in FY 2023 and ending in FY 2029," said the statement.
The agreement will address Jordan's "extraordinary needs, supports King Abdullah II’s economic reform program and ensure the long-term strength of the close partnership between the United States and Jordan," said the statement.
The leaders discussed the historic ties between Washington and Amman, and addressed regional and international challenges.
"They noted the political and economic value of regional integration, for which Jordan can serve as an important hub for cooperation and investment in infrastructure, energy, water, food security and climate," said the statement.
King Abdullah stressed the importance of Washington's support to the kingdom’s economic reform plans, its efforts to realise more sustainable economic growth and to mitigate the impact of regional crises, the statement said.
The two leaders also reiterated "the strong defence partnerships" between them and "the commitment to their partnership in the fight against terrorism, including through cooperation within the Global Coalition to Defeat ISIS and the Aqaba Process".
On the Israel-Palestine crisis they "reaffirmed their commitment to continue working for a just, lasting and comprehensive peace on the basis of the two-state solution."
The solution stipulates that both sides will be neighbouring states with East Jerusalem as the capital of an independent Palestine.
Mr Biden and King Abdullah intend to "remain in close consultation and further develop the deep friendship between the United States and Jordan," said the statement.