An expanded Panama Canal will finally be up and running in April 2016, after several delays and cost overruns, Panama's canal minister said Tuesday.

The consortium Grupo Unidos Por el Canal is carrying out the extensive upgrade to the canal's system of locks, to allow the waterway to accommodate ships carrying up to 14,000 containers of freight -- triple the current size.

GUPC includes companies from Belgium, Italy, Panama and Spain.

"We are going to complete the widening of the Panama Canal; that is the key thing," Roberto Roy, the government's canal minister, said at an event marking the completion of the last of the larger locks.

"We have 11 months to go, since on April 1, 2016 the canal will be open to international navigation."

Upgrades began in 2007 and were scheduled to be completed in 2014 for the 100th anniversary of the canal, but the work has seen repeated delays.

With a year's delay so far, the cost of the megaproject has hit some $5.25 billion.

"Now, we just need to step on the gas and get it done," Roy said.

About five percent of global maritime trade passes through the Panama Canal, whose main users are the United States and China.

Nicaragua last year launched construction of an ambitious $50 billion rival canal that could handle even larger ships. It is set to be completed within five years.