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AFD pledges €106 million for the French Overseas Communities
Sanitation on Reunion Island, sustainable land use planning in New Caledonia, investment in French Polynesia, AFD pledges €106 million to support the French Overseas Communities.
AFD operates in the French Overseas Communities in its traditional capacity as a financial institution when financing requests are made by the relevant authorities. The guidelines for AFD’s general policy are defined in close cooperation with the French Secretariat for Overseas France, which is one of the State representatives on AFD’s Overseas France Committee and Board of Directors.
The following decisions were taken during the proceedings of the 30 September 2010 Board of Directors meeting:
Reunion Island: sanitation program for Northern cities
AFD approved an €18.5 million loan to the Northern Reunion Intermunicipal Community (CINOR) to finance its collective sanitation program.
This financing will support the equipment program defined by the public authorities, which includes the construction of 17 wastewater treatment plants that will serve most of the Island’s 24 municipalities. CINOR, an urban community gathering the cities of Saint Denis, Sainte Marie and Sainte Suzanne, covers a population of almost 200,000 inhabitants. The Community’s pluriannual investment program devoted to sanitation comprises the construction of a wastewater treatment plant in Grand Prado, along with its transfer network. It also includes a program to rehabilitate and extend collection and wastewater treatment networks in three municipalities. This program will eventually benefit 235,000 inhabitants and is essential to improving the sanitary situation in cities and the quality of the island’s marine and seaside environments. It will also have an indirect impact on tourism and the economy.
New Caledonia: Government land use planning and sustainable development strategy
AFD approved a €30 million loan to the Government of New Caledonia to finance investments and support the territory in the definition of its economic strategy.
The Government is working to establish its long-term challenges and has consequently engaged in a process to define forecasting plans, such as “New Caledonia 2025”, which aims to set out a strategic project for land use planning and development. For example, New Caledonia has decided to launch an energy-climate plan. The aim is to eventually reduce its energy dependence (today estimated at 96.5%). This plan should lead to the implementation of numerous actions concerning regulatory design, tariff balance, economic incentives and public investment. It will give the territory the means to reduce its energy dependence, particularly by developing renewable energies, and will improve energy efficiency in transport, buildings, equipment and economic activities.
New Caledonia: South Province investment budget
AFD approved a €30 million loan to New Caledonia’s South Province to finance its pluriannual investment budget (housing, land use planning, environmental excellence).
South Province gathers thirteen municipalities and 183,000 inhabitants, i.e. ¾ of the population of New Caledonia. It is, thanks to its competence in terms of building secondary schools, housing, environmental protection, public transport and urban planning, the local authority which makes the most investment on the territory. This funding will support its financing needs for its investment budget over a two-year period. It will specifically support housing production or refurbishment.
New Caledonia: land use planning operation in Dumbea municipality
AFD approved the rescheduling of the outstanding balance (€14.6 million) on the loan allocated in 2007 to SECAL, the New Caledonian Equipment Company, which is in charge of an extensive development operation for the municipality of Dumbea sur Mer. AFD has also decided to provide €12.5 million of additional financing to top up the financing required for the operation.
This financing package will allow SECAL to continue to implement this structuring development project for the Greater Noumea urban area, which will eventually benefit 21,000 inhabitants. Beyond its interest in terms of land use planning, the operation will also increase housing production and supply and promote urban and social mix.
French Polynesia: subsidized business investment loans
AFD approved a €15 million funding package for French Polynesian financial establishments in order to support productive investments made by private sector businesses.
The PAI (subsidized investment loan) mechanism provides banks with subsidized lines of credit to finance productive investments made by these small businesses in order to support their development. These lines of credit have been opened with three Polynesian establishments: Banque Socredo, Banque de Polynésie and Banque de Tahiti.
Since it was set up in Polynesia, the PAI has benefited 2,250 businesses and supported over €160 million of investments. It has also helped create or maintain 9,341 jobs.
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