Panama embarked on a project to double the capacity of the Panama Canal in 2006, with an expected completion date of 2014. At the time, the estimated cost was US $5.25 billion. The project consists of building two new sets of locks, each with three chambers, and deepening and widening the existing navigational channels in numerous locations. Multiple contractors have been selected for various parts of the construction. The Panama government arranged financial support contracts with various Latin American banks. Supporters suggest that projected revenues from the completed Canal Expansion Project will greatly increase the standard of living in Panama and allow Panama to join the countries considered "First World Countries."