French interest

in island nations other than its own colonial terri tories continues to increase.

Cook Islands Parliament has passed legislation which will give the country’s monetary board the ability to allow a French bank, Caisse Centrale, to operate in Rarotonga. Prime Minister Geoffrey.

Henry told members that the amend ment to the Banking Act will allow Cais se Centrale to operate without having to register under the usual rules applied to trading banks. The attraction for the Cook Islands is that it will now have ac cess to loan funds from the Caisse Cen trale, which acts as a development type bank and has the full backing of the French Government. Henry is keen to

obtain more financing for his housing and other development programmes.

In Papua New Guinea, the French Government is to assist the Copra Re search Institute. Board general manager Joe Bae said the copra industry in Papua New Guinea has captured the interest of the French, and they wanted to develop local production by funding all program mes next year. He said the government in Paris was also interested in sponsoring Papua New Guineans to study overseas.

French scientist Gerald Duhamel has recently visited all the copra producing areas and identified those locations which need improved farming systems.

Bae added: “It’s about time Papua New Guinea looked beyond the traditional markets like Australia, New Zealand and the United States. □