 According to the water operators' association ANEAS, Mexico needs US$6.6 billion investments per year to make up for historic underinvestment.Investments are financed by federal (61% in 2011, up from 33% in 2005), state (23%, both in 2011 and 2005) and local subsidies (11% in 2011, down from 14% in 2005) and other sources (5% in 2011, down from 31% in 2005), the latter including self-financing, credits and private funding.Two thirds of the investment is channeled through several CONAGUA programs.