Port of the Americas Authority (PAA) is a public corporation and a component unit of the Commonwealth of Puerto Rico. It was created by an act and was enacted in 2002. Its main purpose is to develop a deep draft port in the southern region of Puerto Rico. This development is part of the Commonwealth's efforts to create a world-class public marine terminal and to stimulate large-scale industrial zone in the region. The project is currently in its second phase of construction. The port is designed to serve post-Panamax cargo ships and have a capacity of up to 2.2mn TEUs.