The North American Development Bank will provide US$17.4mn in loans to fund the works on three water and sanitation initiatives in Mexico's northern border region.
The two contracts have a combined price tag of US$7mn and are aimed at combating a severe drought that has affected the Pilcomayo river.
Over half of the 402bn pesos (US$134mn) allocated to the aqueduct will come from state oil company Ecopetrol.
Although the bids for the contract were opened in May, claims filed by some of the bidders delayed the announcement of the winner.
The company is planning to ramp up production and reservation capacity.
Parts of Bolivia are suffering from drought for the second straight year, prompting the government to ramp up investment commitments for potable water, sewerage and irrigation projects.
French and Spanish companies submitted bids to operate water and sewage services in the municipality of Boca Del Río.
Empresas Públicas de Medellín acquired 100% of the shares of local operator EP Rionegro.