The service contract has an internal rate of return of 12.76% per year, according to the water utility.
The Meseta Intermedia project only requires its environmental impact study before being tendered as a PPP.
The government presented a bill that would return all water services in the department to state-owned utility OSE.
Brazil's need to double the volume of investments in infrastructure, according to the development bank.
The new rules also face criticism from certain associations.
The troubled Chinchero airport project inched its way closer to restarting, as the government plans to call bids for an earthworks contract.