Yes, it's called Canal de Zaragoza and construction started in 1901 during the administration of José María de la Vega as governor of the then Federal Territory of Quintana Roo, with the intention of making maritime access to the Bay of Chetumal easier and faster and entirely through Mexican territorial waters, because natural bay access is part of the territorial waters of Belize, at that time a British colony:
https://es.wikipedia.org/wiki/Canal_de_Zaragoza


Live and let live