This is a kind phrase, that shows a frendship that will last forever. Transend space and time. Simply put, you will be friends forever.
Me:"It's been a really hard day, you know. My entire family died because of a madman"
My friend:"Don't worry, no matter what you're the Donkey to my Shrek"
Me:"you didn't let me finish"
My friend:"what?"
Me:"my entire family was killed by a madman dressed in a Shrek costume, is this some kind of sick joke?"