The study will evaluate measures to stimulate the efficient use of water in the industrial and agriculture sectors.
As part of the purchase offer, Medellín-based EPM pledges to invest about US$180mn in the next few years to expand water and sewer services in the city of Rionegro.
The US$20mn loan would be for a project in the so-called dry corridor.
A second former Peruvian president has been swept up in the Odebrecht corruption scandal, with the public prosecutor's office demanding he be detained during an ongoing investigation.
The state government plans to invest around US$67mn in the new 2030 water plan.
The US$18mn project entails four new collectors, 149,293m of sewer lines and over 11,000 household connections.
The government will send a bill to congress calling for the creation of a new state-owned enterprise to manage the sanitation program's infrastructure, according to local daily La Prensa.
The fund would start with a financing capacity of 170mn reais.