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Bolivia and Peru are pooling their efforts and political negotiations to restore Lake Titicaca, South America's largest freshwater lake. The plan spans for 10 years, and was arrived at after political negotiations through June 2015. The $500 million deal was signed in Bolivia's capital city of La Paz late last week, the Peruvian news agency Andina explains.

"On June 23, we had a historic meeting in an expanded cabinet between Peru and Bolivia," Bolivian Environment Minister Alexandra Moreira said during the announcement of the deal, "[And] we are proud that the environmental sector is the first to give concrete, direct results and with the signing of this agreement that sets the guidelines of action for the recovery of Lake Titicaca."

Situated at 12,470 feet above sea level, the lake is the highest in the world. While it is an important tourist destination, about 3 million in Bolivia and Peru are dependent on the lake's resources.

First, the solid waste management and sewage systems around the lake will be addressed. Nearby mining and industrial operations have led to the contamination problems.

"For the short term we have a limit of $117 million and for the long term $400 million (USD)," Moreira's advisor, Sergio Arispe, explained, according to GlobalPost.

They are planning to look at improving the biodiversity in the lake, improving the waste and environmental management right till 2025.