Saint Pierre and Miquelon
Promoting the tourism boom
Boosting the market sector
The archipelago of Saint Pierre and Miquelon is a French enclave in a Canadian maritime and land space. Its Overseas Country and Territory (OCT) status, its location in the Gulf of Saint Lawrence and its low density make it a territory with very specific issues and characteristics. This small territory of 244 km² is home to less than 6,200 inhabitants, who mainly live on the northern island of Saint-Pierre. Its economy is dominated by the construction industry, services and trade.
Saint Pierre and Miquelon has been severely hit by the deep-sea fishing crisis, which started in 1992, as well as by the reduction of its Exclusive Economic Zone in the same year, and is faced with the challenge of its economic restructuring. It is also still seeking its development model and its sectors with high future potential. It is by building on its cultural heritage of fishing, the American prohibition and its French specificity that the archipelago has major advantages to succeed in its transformation, particularly in the tourism sector.
AFD is a longstanding partner and has been present throughout its recent development. It has reaffirmed its interest in the territory and is working alongside it on its next major challenge: the development of tourism. Since the Saint Pierre and Miquelon agency was set up, it has supported dozens of projects and project initiators. Over the past decade, AFD has mobilized EUR 29m of financing.