EX-99.77D POLICIES

[France Growth Fund, Inc., Form N-SAR for period
ending 12/31/02]

SUB-ITEM 77D: POLICIES WITH RESPECT TO SECURITY
INVESTMENT

In order to comply with Rule 35d-1 under the
Investment Company Act of 1940, the Board of Director
of the Fund approved on September 17, 2002, an
additional investment policy that requires, under
normal circumstances, at least 80% of the Fund's net
assets will be invested in French equity securities,
at least 65% of which will be listed on one or more
of the French Stock Exchanges, including those listed
in the over-the-counter market of the French Stock
Exchanges.  This policy is not fundamental and may be
changed by the Board without shareholder approval
upon the giving of notice to the shareholders as
provided by Rule 35d-1 under the Investment
Company Act of 1940.










505021.1.02 03/03/03 2:09 PM

EX-99.77B ACCT LTTR

Report of Independent Accountants

To the Shareholders and Board of Directors of
The France Growth Fund, Inc.


In planning and performing our audit of the financial
statements of The France Growth Fund, Inc. (the "Fund")
for the year ended December 31, 2002, we considered its
internal control, including control activities for
safeguarding securities, in order to determine our
auditing procedures for the purpose of expressing our
opinion on the financial statements and to comply with
the requirements of Form N-SAR, not to provide assurance
on internal control.
The management of the Fund is responsible for establishing
and maintaining internal control.  In fulfilling this
responsibility, estimates and judgments by management
are required to assess the expected benefits and related
costs of controls.  Generally, controls that are relevant
to an audit pertain to the entity's objective of preparing
financial statements for external purposes that are fairly
presented in conformity with generally accepted accounting
principles.  Those controls include the safeguarding of
assets against unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control,
errors or fraud may occur and not be detected.  Also,
projection of any evaluation of internal control to
future periods is subject to the risk that controls may
become inadequate because of changes in conditions or
that the effectiveness of their design and operation
may deteriorate.
Our consideration of internal control would not
necessarily disclose all matters in internal control
that might be material weaknesses under standards
established by the American Institute of Certified
Public Accountants.  A material weakness is a condition
in which the design or operation of one or more of the
internal control components does not reduce to a
relatively low level the risk that misstatements caused
by error or fraud in amounts that would not be detected
in a timely period by employees in the normal course of
performing their assigned functions.  However, we noted
no matters involving internal control and its operation,
including controls for safeguarding securities, that we
consider to be material weaknesses as defined above as
of December 31, 2002.
This report is intended solely for the information and
use of the Board of Directors, management and the
Securities and Exchange Commission and is not intended
to be and should not be used by anyone other than these
specified parties.


February 7, 2003

EX-99.77Q1 OTHR EXHB

EXHIBIT 99.77Q3 TO FORM NSAR


Registrant Name: The France Growth Fund Inc.
File Number: 811 5994
Registrant CIK Number:  0000860743

Sub-Item 77Q3

(a)(i)  The registrant's principal executive officer
and principal financial officer have concluded that
the registrant's disclosure controls and procedures
(as defined in Rule 30a-2(c) under the Investment
Company Act of 1940, as amended) are effective based
on their evaluation of these controls and procedures
as of a date within 90 days of the filing date of
this document.

(a)(ii) There were no significant changes in the
registrant's internal controls or in other factors
that could significantly affect these controls
subsequent to the date of their evaluation,
including any corrective actions with regard to
significant deficiencies and material weaknesses.

(a)(iii)        Certifications:

CERTIFICATIONS

I, Pierre H.R. Daviron, certify that:

1. I have reviewed this report on Form NSAR of
The France Growth Fund Inc.;

2. Based on my knowledge, this report does not
contain any untrue statement of a material fact
or omit to state a material fact necessary
to make the statements made, in light of the
circumstances under which such statements were
made, not misleading with respect to the period
covered by this report;

3. Based on my knowledge, the financial
information included in this report, and the
financial statements on which the financial
information is based, fairly present in all
material respects the financial condition, results
of operations, changes in net assets, and cash
flows (if the financial statements are required to
include a statement of cash flows) of the registrant
as of, and for, the periods presented in this report;

4. The registrant's other certifying officers and I
are responsible for establishing and maintaining
disclosure controls and procedures (as defined in
rule 30a-2(c) under the Investment Company Act) for
the registrant and have:

a. designed such disclosure controls and procedures
to ensure that material information relating to the
registrant, including its consolidated subsidiaries,
is made known to us by others within those entities,
particularly during the period in which this report
is being prepared;

b. evaluated the effectiveness of the registrant's
disclosure controls and procedures as of a date within
90 days prior to the filing date of this report
(the "Evaluation Date"); and

c. presented in this report our conclusions about
the effectiveness of the disclosure controls and
procedures based on our evaluation as of the
Evaluation Date;

5. The registrant's other certifying officers and I
have disclosed, based on our most recent evaluation,
to the registrant's auditors and the audit committee
of the registrant's board of directors (or persons
performing the equivalent functions):

a. all significant deficiencies in the design or
operation of internal controls which could adversely
affect the registrant's ability to record, process,
summarize, and report financial data and have
identified for the registrant's auditors any material
weaknesses in internal controls; and

b. any fraud, whether or not material, that involves
management or other employees who have a significant
role in the registrant's internal controls; and

6. The registrant's other certifying officers and I
have indicated in this report whether or not there
were significant changes in internal controls or in
other factors that could significantly affect internal
controls subsequent to the date of our most recent
evaluation, including any corrective actions with regard
to significant deficiencies and material weaknesses.


Date:  February 28, 2003
/s/ Pierre H.R. Daviron
		Pierre H.R. Daviron
		President



CERTIFICATIONS

I, Paul H. Schubert, certify that:

1. I have reviewed this report on Form N-SAR of
The France Growth Fund Inc.;

2. Based on my knowledge, this report does not contain
any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made,
in light of the circumstances under which such statements
were made, not misleading with respect to the period
covered by this report;

3. Based on my knowledge, the financial information included
in this report, and the financial statements on which the
financial information is based, fairly present in all
material respects the financial condition, results of
operations, changes in net assets, and cash flows
(if the financial statements are required to include a
statement of cash flows) of the registrant as of, and for,
the periods presented in this report;

4. The registrant's other certifying officers and I are
responsible for establishing and maintaining disclosure
controls and procedures (as defined in rule 30a-2(c)
under the Investment Company Act) for the registrant
and have:

a. designed such disclosure controls and procedures to
ensure that material information relating to the
registrant, including its consolidated subsidiaries, is
made known to us by others within those entities,
particularly during the period in which this report is
being prepared;

b. evaluated the effectiveness of the registrant's
disclosure controls and procedures as of a date within
90 days prior to the filing date of this report
(the "Evaluation Date"); and

c. presented in this report our conclusions about the
effectiveness of the disclosure controls and procedures
based on our evaluation as of the Evaluation Date;

5. The registrant's other certifying officers and I have
disclosed, based on our most recent evaluation, to the
registrant's auditors and the audit committee of the
registrant's board of directors (or persons performing
the equivalent functions):

a. all significant deficiencies in the design or operation
of internal controls which could adversely affect the
registrant's ability to record, process, summarize,
and report financial data and have identified for the
registrant's auditors any material weaknesses in
internal controls; and

b. any fraud, whether or not material, that involves
management or other employees who have a significant
role in the registrant's internal controls; and

6. The registrant's other certifying officers and I
have indicated in this report whether or not there
were significant changes in internal controls or in
other factors that could significantly affect
internal controls subsequent to the date of our
most recent evaluation, including any corrective
actions with regard to significant deficiencies
and material weaknesses.


Date: February 28, 2003
/s/ Paul H. Schubert
		Paul H. Schubert
		Treasurer