INFORMATION REQUIRED IN PROXY STATEMENT

                            SCHEDULE 14A INFORMATION
                Proxy Statement Pursuant to Section 14(a) of the
                         Securities Exchange Act of 1934
                               (Amendment No. ___)


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Filed by a Party other than the Registrant           / /
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/ /      Preliminary Proxy Statement
/ /      Definitive Proxy Statement
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/ /      Soliciting Material Pursuant to Rule 14a-11(c) or Rule 14a-12
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         (as permitted by Rule 14a-6(e) (2))

                          The France Growth Fund, Inc.

                (Name of Registrant as Specified in its Charter)



                    (Name of Person(s) Filing Proxy Statement
                          if other than the Registrant)

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                         THE FRANCE GROWTH FUND CORRECTS
                       STOCKHOLDER MATERIAL MISSTATEMENTS

New York, NY. June 21, 2002 -- (Business Wire) -- The France Growth Fund, Inc.
said today that a stockholder's proxy soliciting materials filed with the SEC
contain material misstatements of fact.

In order to set the record straight, the Fund noted that at its annual meeting
of stockholders, convened on June 18, 2002, two proposals were carried.
Stockholders voted to re-elect four incumbent directors, rejecting the dissident
stockholder's slate, and also approved a stockholder proposal.

Steven M. Cancro, Secretary of the Fund, said that all of the proposals relating
to the approval of a new European multi-manager, multi-strategy investment
program for the Fund had received more votes in favor of the restructuring than
votes against. However, a significant number of stockholders of the Fund had not
yet voted on those proposals. Mr. Cancro said, in responding to the
stockholder's unsupported charge, that adjourning the meeting was not a breach
of any fiduciary duty of directors. Consistent with Maryland and federal law, as
well as disclosures in the Fund's Proxy Statement describing the procedure for
adjournments, the meeting was adjourned with respect to all proposals seeking
approval of the new investment program, until 2:00 p.m. June 21, 2002 in order
to permit further voting to meet the requirements of the federal Investment
Company Act of 1940.

While additional votes were cast in favor of the new investment program
proposals at the time the meeting was reconvened on June 21, the meeting was
further adjourned until 2:00 p.m. June 28, 2002, in order to permit continued
voting. Pierre Daviron, an independent director and chairman of the Fund's
Investment and Strategy Committee, commented that "By adjourning the meeting, we
hope to give those stockholders who have not yet voted on these proposals the
opportunity to vote because we believe strongly that implementation of the new
investment program is in their best interests".

As previously announced, the Fund has said it would conduct a tender offer for
25% of its outstanding common stock at 95% of NAV if all of the new investment
program proposals are adopted by the stockholders.

The France Growth Fund, Inc. (NYSE: FRF) is a closed-end, diversified management
investment company seeking long-term capital appreciation. The Fund maintains a
website at WWW.FRANCEGROWTHFUND.COM. CAAM, the Fund's investment adviser, is an
indirect wholly-owned subsidiary of the Credit Agricole Group.

OTHER IMPORTANT INFORMATION. The tender offer described in this announcement has
not yet commenced. As soon as the tender offer commences, the Fund will file a
tender offer statement




with the Securities and Exchange Commission (the "Commission"). Stockholders
should read the tender offer statement when it becomes available because it will
contain important information about the tender offer. Stockholders can obtain a
tender offer statement, and other documents that are filed with the Commission
for free when they are available on the Commission's Web site at
http://www.sec.gov. Also, stockholders may write or call the Fund requesting
these documents which the Fund will send to them for free when they are
available:

                  --       Tender offer statement (except for exhibits)
                  --       Offer to purchase
                  --       Letter of transmittal
                  --       Notice of guaranteed delivery


CONTACT: The France Growth Fund, Inc.
         Steven Cancro, (646) 658-3663