The Latest on a U.S.-Mexico agreement on Colorado River water (all times local):

5 p.m.

The U.S. and Mexico have unveiled a new agreement to preserve water for millions of households and farms that depend on the overused Colorado River.

The two nations formally announced a deal Wednesday that commits the United States to invest $31.5 million in water conservation projects in Mexico.

The agreement sets aside some Colorado River water for environmental restoration, and it calls on the two countries and a coalition of charitable foundations to contribute a total of $18 million for restoration, research and monitoring.

Both countries agreed to work on contingency plans to deal with any shortages of water in the river amid drought and climate change.

The agreement is an amendment to a 1944 treaty that governs how the U.S. and Mexico manage the river, which flows through both nations.

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12 p.m.

The U.S. and Mexico are seeking to preserve water supplies to millions of households and farms amid drought and climate change under a conservation agreement for the overused waters of the Colorado River.

Officials with the International Boundary and Water Commission were gathering in Santa Fe on Wednesday to announce new details of the management agreement for the Colorado River.

The agreement calls for the U.S. to invest $31.5 million in conservation improvements in Mexico's water infrastructure to reduce losses to leaks and other problems. Water saved by the improvements would be shared by users in both nations.

The deal calls on Mexico to develop a specific plan for reducing consumption if the river runs too low. River consumers in the U.S. also must devise a shortage plan.