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Saint Pierre and Miquelon
The only overseas community in North America, the Saint Pierre and Miquelon archipelago, at the gateway to Canada, is made up of 8 islands and islets, boasting a unique geographical landscape, and undeniable natural beauty. Located in the Bay of St. Lawrence, the territory has developed partnerships with its Canadian neighbor, while promoting its own identity and exceptional boreal biodiversity. AFD is supporting Saint Pierre and Miquelon's strategy to open up the archipelago to the wider world and increase its tourist and economic appeal.
Context
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 6,000 inhabitants, who mainly live on the northern island of Saint-Pierre. Its economy is dominated by the construction industry, services and trade.
Severely affected by the collapse of the deep-sea fishing industry and the reduction of its Exclusive Economic Zone in 1992, Saint-Pierre and Miquelon continues to face the challenge of economic transition. The archipelago is still searching for a sustainable development model and future growth sectors. Drawing on its cultural heritage, from fishing to American Prohibition, and its French identity, it holds key assets for successfully reinventing itself, particularly in the tourism sector.
In response to rising sea levels, coastal erosion and increasing flood risks, the municipality of Miquelon-Langlade has launched a large-scale project to relocate the village of Miquelon to a higher area to ensure the long-term safety of residents and the sustainability of the territory.
A long-standing partner throughout its recent development, AFD is working alongside the territory to address its key challenges: developing tourism and boosting economic appeal.
Since 2018, AFD’s Saint Pierre and Miquelon branch has supported seven projects and mobilized over €20 million in financing.
AFD's Saint-Pierre and Miquelon office is directly attached to the Atlantic Ocean regional office in Fort-de-France.
Our approach
"AFD AND SAINT PIERRE AND MIQUELON: SUPPORTING THE TRANSFORMATION OF THE ARCHIPELAGO"
The aviation sector is key to ensuring the territorial continuity of this archipelago. AFD was involved in a project to replace the main aircraft of local airline company, Air Saint-Pierre. This aircraft, an ATR42-500, is used for return flights between Saint Pierre and Miquelon and Canada, which are essential for maintaining links with the outside world. Air Saint-Pierre has signed a public service concession (Délégation de Service Public – DSP) with the government for international flights and a public procurement agreement with the Territorial Collectivity of Saint-Pierre and Miquelon for inter-island flights. The total amount allocated to this project was €18.4 million, co-financed with the local bank.
In the healthcare sector, AFD supports the François Dunan Hospital Center (CHFD), which received a €2.2 million loan in 2018 to implement its information system master plan, including a revamp of its IT infrastructure and the second phase roll-out of a telemedicine system.
AFD also monitors issues concerning the archipelago and possible developments relating to local healthcare structures. To this end, AFD helped State and territorial authorities to develop a strategy, launched in 2018, to improve healthcare provision for the elderly and people with disabilities living on the archipelago. AFD co-financed a three-part study for which two series of workshops and interviews with all stakeholders in the sector were organized in 2019.
Identified as a key focus area for diversification in the Territorial Collectivity of Saint-Pierre and Miquelon strategic development plan, tourism is a major factor in development and employment for the archipelago. AFD is thus offering support with key construction projects aiming to convert and develop existing infrastructure, from hotels to buildings for cultural and specific activities.
One of AFD’s most iconic projects is an innovative multi-functional tourist complex (hotel, wellness spa, and conference room): the “Terrasses du Port” in Saint Pierre. This private project, supported by the territorial collectivity (EDF grant) and the government, received total funding of €5.4 million; with AFD contributing via a €2.2 million loan. The complex opened in December 2020.
This major redevelopment project supported by AFD is helping drive future development in the territory. The “Terrasses du Port” project is part of a wider portfolio of investments in port and airport infrastructure aiming to boost momentum in the tourism sector over the long term.
Housing is a key issue for the archipelago, where rental stock is limited and expensive. AFD is supporting the social initiative by the Coopérative Immobilière de Saint-Pierre-et-Miquelon (Saint Pierre and Miquelon Housing Cooperative – CISPM) which helps households with low or insufficient income to get on the property ladder. In 2020, AFD provided support to the CISPM, via a €3 million refinancing operation, to cover its real estate loan program from 2021 to 2022. The CISPM loans have been allocated to the construction, acquisition and renovation of housing for customers who are unable to access financing from traditional banks.
The CISPM provides custom support, drawing on expertise gained from over 70 years in operation.
In the field
Publications & Media
Key figures
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7 projects financed between 2018 and 2026
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20 million euros allocated between 2018-2026
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30% of financing to provide social housing