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Total investment in stage III works on Peru's Chavimochic irrigation system will exceed US$650mn during the 2009-12 construction period, state news agency Andina reported.
The initiative will increase the country's annual GDP by 0.1%, according to a study carried out by national infrastructure development association AFIN and Universidad del Pacífico.
The study, which dealt with investment in Peru's water infrastructure, also determined that the first two stages of the project have generated over US$1.04bn in agriculture and agro-industrial exports.
The Chavimochic irrigation system extends along the coast of northern La Libertad department. Work began in 1960 under national development institute Inade. In 2003, the La Libertad regional government took over the project.
The main irrigation canal runs from the lower basins of rivers Santa, Chao, Virú, Moche and Chicama, benefiting 144,385ha of surrounding land, and securing the supply of water to 78,310ha.