Organisers announced the percentage as part of an end of year budgetary analysis.

The percentage represents $286 million (£226 million/€251 million) of the $290 million (£229 million/€255 million) invested last year, Lima 2019 said.

The investment includes key projects such as the Athletes' Village, the VIDENA Sports Complex and the Villa María del Triunfo Sports Complex, which organisers claim have seen substantial progress.

The Callao Regional Sports Village, Villa El Salvador Sports Centre and the Army Riding School equestrian headquarters were also claimed to have progressed as the Games draws closer.

"Lima 2019 is firmly on track to meet our core commitments to the athletes of the Americas and the people of Peru: deliver outstanding Pan American and Parapan American Games; and revolutionise sport in our country for future generations," said Carlos Neuhaus, Lima 2019 President.

"Lima 2019 will leave a concrete legacy of 20 new and upgraded sports venues for elite athletes and under-served communities.

"We are proud to be investing in a world-class Games that puts sport at the heart of Peruvian life."

Several venues remain under construction, including the athletics, swimming and track cycling facilities.

The majority of venues are expected to be completed by March, while the Games aquatics venue is expected to be delivered by May 2019.

The short time-frame looks likely to be the major challenge for organisers in the countdown to the Games and only four official test events have been scheduled.

Lima 2019 have stated that the Games will provide a boost to Peru through the new facilities, including the first construction of an Olympic swimming pool since 1962.

The construction of a velodrome, athletics track and football stadium at San Marcos University, which will all meet international standards, has been touted as allowing Peru to host elite international events and establish Lima as a sporting capital in the Americas.

Organisers also state that the Athletes' Village will be converted into 1,096 affordable housing units after the Games, with 336 configured for people with a disability.

Lima 2019 added that they had a total budget execution of 97.3 per cent in 2018, as well as operational budget execution of 95.8 per cent.

They claim this shows the overwhelming majority of funds were invested for the purpose they were originally allocated, rather than on unplanned or unexpected expenditures.

It is asserted that the efficiency has been aided by a Government-to-Government agreement between Peru and the United Kingdom, which has led to improved procurement protocols and leading public project management models.

The Parapan American Games will take place in Lima from August 23 to September 1, following on from the Pan American Games from July 26 to August 11.