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**_Authors contributions_** : JR contributed to the design of the analysis, carried out the economic analysis and wrote the paper. CBG was the TTL of the Regional Study, contributed to the design of the analysis and led the discussions with the clients in Peru. XL did the network modeling. LB contributed to the analysis and discussions with the clients and helped write the paper. HM worked on the HDM4 model and helped with the Regional study.

**_Acknowledgements_** : Special thanks go to peer reviewers of the Regional Study Marianne Fay, Andreas Dietrich Kopp and Baher El-Hifnawi; and to Augusto de la Torre, Daniel Lederman, Jose Luis Irigoyen and Aurelio Menendez for their overall supervision. The team also benefited from very useful comments provided by Siobhan Murray, Adrien Vogt-Schilb and Stephane Hallegatte.

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