Document:

EXHIBIT 10.29

                           ACCOUNT OPENING AGREEMENT
                        FOR AN ASSET LINKED TIME DEPOSIT

This ACCOUNT OPENING AGREEMENT dated as of July 18, 2000 (the "Agreement"), is
made between Panamerican Beverages, Inc. (the "Depositor"), and Citibank,
N.A., New York Branch (the "Bank"). The terms of each Deposit made hereunder
shall be governed by this Agreement and a written confirmation
("Confirmation") relating thereto.

SECTION 1. Deposits. (a) The Depositor may from time to time make US Dollar
time deposits with the Bank (each a "Deposit"), which are repayable in US
Dollars; provided, however that if one or more Risk Events occurs or is
continuing within a selected foreign jurisdiction (the "Reference
Jurisdiction"), on any day during the Risk Event Determination Period (as
defined in each Confirmation) the Deposit shall be repayable as set forth in
the relevant Confirmation. Promptly following the date on which the Depositor
agrees with the Bank to make or renew a Deposit (the "Transaction Date"), the
Bank shall send a Confirmation to the Depositor completed to reflect the terms
of such Deposit.

(b) Each Confirmation shall set forth, among other things, (a) the Transaction
Date, (b) US Dollar amount of the Deposit (the "Deposit Amount"), (c) the date
by which the Depositor shall deposit the Deposit Amount with the Bank (the
"Final Placement Date"), (d) the date on which the Deposit matures (the
"Maturity Date"), (e) the rate of interest, if any, which will accrue on the
Deposit Amount (the "Interest Rate"), (f) the amount of principal and interest
the Depositor shall be entitled to receive from the Bank after the maturity of
the Deposit (the "Repayment Amount"), (g) the date on which the Repayment
Amount is to be paid to the Depositor (the "Final Payment Date"), (h) the
Reference Currency, and (i) the Risk Events and the Early Termination Events,
if any. Unless the Depositor, by notice to the Bank given within two Business
Days after the receipt of such Confirmation, objects to the Confirmation such
Confirmation shall be conclusive and binding on the parties, absent manifest
error.

(c) On or prior to the Final Placement Date, the Depositor shall deposit the
Deposit Amount with the Bank and the Bank shall credit such amount to the
account of the Depositor on the date of such deposit. If the Depositor fails
to deposit the Deposit Amount with the Bank on or prior to the Final Placement
Date, the Bank shall have no obligation to the Depositor hereunder with
respect to such Deposit Amount or any purported Deposit (other than to
promptly return the same to the Depositor if and when deposited) and the
Depositor shall compensate the Bank for any loss, cost or expense that the
Bank determines is attributable to the failure to deposit the Deposit Amount
with the Bank by the Final Placement Date.

(d) As used in this Agreement, "Business Day" shall mean a day on which
commercial banks are not required or authorized to close in New York, N.Y. and
the Reference Jurisdiction.

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THE BANK SHALL BE THE ONLY ENTITY  OBLIGATED TO MAKE PAYMENT TO THE DEPOSITOR IN
ACCORDANCE  WITH THE  TERMS  HEREOF,  AND NO  OTHER  ENTITY,  INCLUDING  WITHOUT
LIMITATION,  ANY AND ALL  AFFILIATES OF THE BANK OR OTHER  BRANCHES OF CITIBANK,
N.A. SHALL BE SO OBLIGATED.

SECTION 2. Repayment Amount. Except in the event of renewal of a Deposit or
the occurrence of a Risk Event or an Early Termination Event (if applicable)on
any day during the Risk Event Determination Period, on the Final Payment Date
the Bank shall pay to the Depositor the Repayment Amount.

SECTION 3. Payment of the Repayment Amount. Except in the event of renewal of
a Deposit or the occurrence of a Risk Event on any day during the Risk Event
Determination Period, on the Final Payment Date the Bank shall wire transfer
in immediately available funds the Repayment Amount to a US Dollar account
which the Depositor shall have identified to the Bank at least three Business
Days prior to the Final Payment Date.

SECTION 4. Payment of the Repayment Amount upon occurrence of a Risk Event. If
a Risk Event (as defined in the relevant Confirmation) shall have occurred
during the Risk Event Determination Period, then the Bank or a party
designated by the Bank shall pay the Depositor, the Repayment Amount in such
form and to such account as set forth in the relevant Confirmation. Upon
Bank's satisfaction of its obligations to the Depositor pursuant to the terms
of the relevant Confirmation, the obligations of the Bank with respect to any
such Deposit shall be fully satisfied and discharged.

SECTION 5. Acknowledgments of the Depositor. The Depositor acknowledges,
warrants and represents that:

(a) The Depositor (i) is a duly organized and validly existing corporation in
good standing under the laws of jurisdiction of its incorporation, (ii) has
the power and authority to execute, deliver and perform this Agreement and any
relevant Confirmation.

(b) Upon execution of this Agreement and the Confirmation, each such agreement
shall constitute a legal, valid and binding obligation of the Depositor
enforceable in accordance with its terms.

(c) None of the execution, delivery and performance by the Depositor of this
Agreement and the Confirmation and the transactions contemplated thereby will
(i) conflict with any law, statue rule, regulation, order or decree applicable
to the Depositor, (ii) will conflict or with or cause Depositor to be in
breach of any agreement to which Depositor is a party, nor (iii) will violate
any provision of any corporate documents, including the by-laws and articles
of incorporation relating to the Depositor or the Borrower.

(d) The Depositor is a sophisticated investor and any Deposit hereunder is a
suitable investment consistent with its financial and investment objectives;
its financial condition is such that it has no

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need for liquidity with respect to any Deposit and no need to dispose of, or
withdraw early, any Deposit or portion thereof to satisfy any existing or
contemplated undertaking or indebtedness; and the aggregate amount deposited
by the Depositor with the Bank is not disproportionate to its net worth, and
that it is able to bear any loss in connection with any Deposit, including the
loss of all or any portion of the Deposit Amount with respect to any Deposit
hereunder.

(e) In making a Deposit hereunder, it has not relied at all upon any advice,
information or recommendation provided by the Bank or any of its affiliates
but has independently considered, after consulting with its own legal,
investment, accounting, regulatory and tax advisors, the benefits and risks of
making a Deposit hereunder.

(f) It is knowledgeable of, or experienced with, the risks of an investment
the payment of which is indexed to non-U.S. currencies or assets denominated
in non-U.S. currencies, which risks include, but are not limited to, (i)
adverse economic, political, legal, accounting and tax matters specific to
such foreign jurisdiction, (ii) laws limiting or controlling foreign trade or
exchange in such foreign trade or exchange in such foreign jurisdictions (for
example, certain foreign jurisdictions have been and may continue to be
subject to trade barriers, exchange controls, managed adjustments in relative
currency values and other similar measures, and such government intervention
may increase risks to investors, including the risk that borrowers may be
unable to meet payment obligations on foreign currency-denominated assets or
may be legally barred from making payments in foreign currency, (iii)
inflation in the relevant foreign jurisdictions, inflation, and rapid
fluctuations in inflation rates have had and may continue to have negative
effects on the economies and markets of such jurisdictions), and (iv) high
volatility of many emerging markets currencies and interest rates.

(g) It has consulted with its own legal, investment, accounting, regulatory
and tax advisors to determine that each Deposit is consistent with any legal
investment restrictions applicable to the Depositor. It understands that upon
the occurrence of a Risk Event it may become the holder of record of any
Reference Obligation relating to any particular Deposit. It has reviewed the
terms of such Reference Obligation and (i) understands the risks relating to a
Deposit linked to such Obligation, and (ii) represents that it is willing and
capable of accepting title to any such Reference Obligation. It is familiar
with the respective jurisdictions of the currencies which may affect the
occurrence of a Risk Event and the calculation of the Repayment Amount (if
any) with respect to any Deposit made hereunder and accepts that the Alternate
Obligations Upon the Declaration of a Risk Event, as set forth in the
Confirmation, may result in a loss of part or all of the principal and
interest payable on the Final Payment Date.

(h) THE DEPOSITOR FULLY UNDERSTANDS THAT THE BANK'S OBLIGATIONS HEREUNDER ARE
THE OBLIGATIONS OF CITIBANK, N.A., ONLY AND THAT SUCH OBLIGATIONS ARE NEITHER
GUARANTEED BY, NOR THE OBLIGATIONS OF, ANY BRANCH OF CITIBANK, N.A. OR ANY OF
ITS AFFILIATES; PROVIDED, HOWEVER, THAT IN CASE OF PAYMENTS IN REFERENCE
CURRENCY (IF APPLICABLE), A BRANCH OR AN AFFILIATE OF CITIBANK, N.A. MAY BE
OBLIGATED TO MAKE A PAYMENT HEREUNDER. IT FULLY UNDERSTANDS THAT SUCH
OBLIGATIONS ARE INSURED BY THE UNITED STATES FEDERAL

<PAGE>

DEPOSIT INSURANCE CORPORATION ONLY UP TO THE AMOUNTS PROVIDED BY LAW AND THAT
SUCH DEPOSITS INVOLVE RISKS INCLUDING POSSIBLE LOSS OF ALL OR A PORTION OF THE
DEPOSIT AMOUNT PLUS INTEREST DUE THEREON.

(i) THE DEPOSITOR ALSO ACKNOWLEDGES AND ACCEPTS THAT IF A RISK EVENT SHALL
OCCUR OR CONTINUE ON ANY DAY DURING THE RISK EVENT DETERMINATION PERIOD IN
LIEU OF THE REPAYMENT AMOUNT, CITIBANK, N.A. SHALL FOLLOW PROCEDURES DESCRIBED
IN THE CONFIRMATION UNDER THE SECTION "ALTERNATE OBLIGATIONS UPON OCCURRENCE
OF A RISK EVENT."

SECTION 6. Illegality; Impossibility. Except with respect to the provisions of
Section 4, in the event that the Bank shall have determined in good faith that
its performance under this Agreement with respect to any Deposit (a) shall
have become unlawful on or prior to the Maturity Date in whole or in part as a
result of compliance in good faith by the Bank with any applicable law, rule,
regulation, judgment, order or directive of any governmental, administrative,
legislative or judicial authority or (b) shall, on or prior to the Maturity
Date, have become impossible to perform as a result of any cause occurring or
condition commencing after the Transaction Date for such Deposit that is
beyond the control of the Bank and that did not result from the gross
negligence or willful misconduct of the Bank, then the Bank shall give notice
thereof to the Depositor, and the Bank and the Depositor shall promptly
negotiate in good faith with a view to finding a satisfactory alternative
method of payment or performance to avoid such illegality or impossibility on
or prior to the Maturity Date. If at the end of a period of 30 days after the
giving of such notice (or such shorter period as may end on the Maturity Date)
the Bank and the Depositor have not agreed upon such a satisfactory
alternative method, either the Bank or the Depositor may terminate the
affected Deposit within 30 days thereafter by designating a Business Day on or
prior to the Final Payment Date on which the portion of the Deposit Amount
with respect to such Deposit shall be withdrawn in US Dollars to the fullest
extent it is legally permissible to do so, with interest at a rate determined
by the Bank with reference to amounts received by the Bank with respect to
funds which are the subject of this Deposit. In the event it becomes illegal
under the laws of the Bahamas or otherwise impossible due to events in the
Bahamas beyond the Bank's control for the Bank to pay the Repayment Amount on
the Final Payment Date (or such other payment date as is specified in this
Section 6), such payment obligations shall be suspended until such date as
such payment can be made. Upon termination of such suspension, the Repayment
Amount shall be paid with interest at a rate determined by the Bank with
reference to amounts received by the Bank with respect to funds which are the
subject of this Deposit.

SECTION 7. Set-off. Each party to this Agreement agrees that, upon the
insolvency of Depositor or any of its Affiliates or the default of Depositor
or any of its Affiliates ("Party X") under any transaction with the other
party hereto or any of such other party's Affiliates (such other party or any
of its Affiliates, a "Non-Defaulting Party"), each Non-Defaulting Party may,
to the extent permitted by law without prior notice to Party X: (a) liquidate
any transaction between Party X and any Non-Defaulting Party (which
liquidation may include the conversion of amounts denominated in multiple
currencies into a single currency if deemed necessary or desirable by the

<PAGE>

Non-Defaulting Party), (b) reduce any amounts due and owing to Party X under
any transaction between Party X and any Non-Defaulting Party by setting off
against such amounts any amounts due and owing to a Non-Defaulting Party by
Party X or any of Party X's Affiliates, and (c) treat all security for, and
all amounts due and owing to Party X under, any transaction between Party X
and any Non-Defaulting Party as security for all transactions between Party X
or any of Party X's Affiliates and any Non-Defaulting Party; provided,
however, that the exercise of the remedies described in clauses (a), (b) and
(c) above (or in any other similar provision in any agreement between the
parties) shall be deemed to occur immediately subsequent to, but independent
of, the exercise of any netting, liquidation, set-off or other similar
provision contained in any master agreement between the parties; provided
further that each provision and agreement hereof shall be treated as
independent from any other provision or agreement herein and shall be
enforceable notwithstanding the unenforceability of any such other provision
or agreement.

SECTION 8. Transfer.

(a) The Depositor may not sell, assign, transfer, pledge, hypothecate or
otherwise dispose of (other than an involuntary disposition occurring from
operation of law) any of its rights or obligations hereunder or with respect
to any Deposit hereunder except with the prior written consent of the Bank,
and any such sale, assignment, transfer, pledge, hypothecation or other
disposition may only be effected by the recordation thereof on the books and
records of the Bank. The Depositor shall pay or reimburse the Bank for paying
any taxes and governmental charges payable in connection with any such sale,
assignment, transfer, pledge, hypothecation or other disposition.

(b) This Agreement shall be binding upon the Bank and the Depositor and their
respective successors and permitted assigns.

SECTION 9. Amendment, Etc. This Agreement may not be amended, waived or
otherwise modified except by an instrument in writing signed by the party
against whom the amendment, waiver or other modification is sought to be
enforced.

SECTION 10. Miscellaneous.

(a) Duration and Termination. The Bank or the Depositor may terminate this
Agreement at any time by written notice to the counterparty at least two
Business Days before the date on which termination is to be effective;
provided that for Deposits still outstanding, this Agreement shall continue to
be effective until their respective payments as provided herein.

(b) GOVERNING LAW. THIS AGREEMENT AND EACH DEPOSIT (INCLUDING WITHOUT
LIMITATION, THE INTERPRETATION OF THE TERMS OF THE RIGHTS, DUTIES AND
OBLIGATIONS OF THE BANK UNDER THIS AGREEMENT AND EACH DEPOSIT ISSUED HEREUNDER
AND THE CALCULATION OF THE REPAYMENT AMOUNT REFERRED TO THEREIN) SHALL BE
GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW
YORK WITHOUT GIVING EFFECT TO PRINCIPLES OF CONFLICTS OF LAWS

<PAGE>

(c) JURISDICTION AND SUBMISSION. THE BANK AND THE DEPOSITOR EACH HEREBY
IRREVOCABLY: (I) SUBMITS TO THE JURISDICTION OF THE COURTS OF COMPETENT
JURISDICTION SITTING IN NEW YORK CITY IN ANY ACTION OR PROCEEDING ARISING OUT
OF OR RELATING HERETO; (II) WAIVES, TO THE FULLEST POSSIBLE EXTENT, THE
DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR
PROCEEDING; AND (III) WAIVES ANY RIGHTS TO DEMAND TRIAL BY JURY.

(d) Notices. Unless otherwise expressly provided herein, any notice or other
communication hereunder from the Depositor to the Bank shall be in writing and
shall be deemed to be given and effective upon delivery thereof. All notices
and other communications under this Agreement shall be in writing and
addressed as follows:
If to the Bank:                         If to the Depositor:

Citibank, N.A                           Panamerican Beverages Inc.
390 Greenwich Street                    Torre Dresdner Bank, 7th
Floor 4th Floor                         Panama City, Panama
New York, NY 10013

Attn.                                   Attn. Chief Financial Officer
Valentina Antill                        Phone: (507) 223-8723
Emerging Markets Derivatives            Fax: (507) 223-8308
And Structured Products
Phone: (212) 723-6059
Fax: (212) 723-8649

or in such other manner or to such other address as may from time to time be
designated by the intended recipient by written notice to the other party.

Without limiting the foregoing requirement that any notice or other
communication hereunder from the Depositor to the Bank shall be in writing,
the Bank may rely, and shall be fully protected in acting or refraining from
acting, upon any oral notice or other communication given by any individual
that the Bank reasonably believes in good faith to be the Depositor or a
person or entity authorized to give such notice or other communication on
behalf of the Depositor.

On or prior to the execution of this Agreement, the Depositor has delivered to
the Bank specimen signatures of the representatives of the Depositor who are
authorized to give notices and instructions with respect to this Agreement.
The Bank may conclusively rely on such certificate until the Bank receives
written notice from the Depositor to the contrary.

(e) Entire Agreement. This Agreement sets forth all of the promises,
covenants, agreements, conditions and understandings between the Bank and the
Depositor with respect to the subject matter hereof, and supersede all prior
and contemporaneous agreements and undertakings, inducements or conditions,
express or implied, oral or written.

<PAGE>

IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed
and delivered as of the date and year first above written.

Citibank, N.A.                          Panamerican Beverages, Inc.

By:                                          By:
   -----------------------                       -------------------------
    Name: Valentina Antill                       Name:
    Title: Vice President                        Title:
    Date:                                        Date:Citibank, N.A.
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                               CONFIRMATION

Date:                 July 18, 2000

To:                   Panamerican Beverages, Inc.

Attention:            Chief Financial Officer or General Counsel
                      Paulo J. Sacchi/Carlos Hernandez-Artigas

Fax Number:           305-856-3900

From :                Citibank, N.A., New York

Attention:            Confirmation Control
                      333 West 34th Street
                      New York, NY 10001

Fax Number:           212-615-8985

Transaction No:

We hereby confirm the terms of the following Deposit under the Account Opening
Agreement for an Asset Linked Time Deposit dated July 18, 2000 (the
"Agreement"), between Panamerican Beverages, Inc. (the "Depositor") and
Citibank N.A., New York Branch, (the "Bank"). Capitalized terms used and not
otherwise defined herein shall have the meanings set forth in the Agreement
and, unless expressly modified herein, all provisions contained in the
Agreement shall govern this Confirmation.

This Confirmation certifies that on the Transaction Date as of July 18, 2000,
the Depositor agreed to place a Deposit with the Bank subject to the following
terms and conditions:

I.  GENERAL PROVISIONS

Transaction Date:          July 18, 2000

Final Placement Date:      July 26, 2000

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Citibank, N.A.
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Maturity Date:             July 28, 2003, subject to the declaration of a
                           Risk Event (Credit Risk Event or Sovereign Risk
                           Event) and/or an Early Termination Event

Final Payment Date:        Maturity Date plus two Local Business Days

Calculation Agent:         Citibank, N.A., New York

Reference Jurisdiction:    The Republic of Venezuela

Payment Currency:          US Dollar ("USD")

Reference Currency:        Venezuelan Bolivar, or any successor currency

Deposit Amount:            USD 100,000,000.00

Repayment Amount:          Subject to the occurrence of a Risk Risk Event
                           during the Risk Event Determination Period, the
                           Repayment Amount shall be USD 100,000,000.00. In
                           the event of notification of Risk Event, Bank
                           shall, in lieu of paying the Repayment Amount,
                           follow procedures as described below in "Alternate
                           Obligations upon Declaration of a Risk Event".

Interest Rate:             6-mo USD LIBOR BBA + 4.00 % per annum

Interest Amount(s):        Interest Rate * USD Deposit Amount

                           determined on each Reset Date; calculated on an
                           actual / 360 basis and payable in arrears on:

                           January 26, 2001
                           July 26, 2001
                           January 28, 2002
                           July 26, 2002
                           January 27, 2003
                           July 28, 2003

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Citibank, N.A.
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                           provided, however that a Risk Event has not been
                           declared. In the event of notification of Risk
                           Event, no Interest Amount(s) shall be payable. In
                           the event of notification of Risk Event, Citibank
                           shall, in lieu of paying the Interest Amount(s),
                           follow procedures as described below in "Alternate
                           Obligations upon Declaration of a Risk Event".

Reset Dates:               January 22, 2001
                           July 24, 2001
                           January 24, 2002
                           July 24, 2002
                           January 23, 2003

Local Business Day:        A day on which banks are not authorized or
                           required to close in Caracas, Republic of Venezuela

Reference Entity:          PANAMCO DE VENEZUELA, S.A.

Reference Obligations:     With respect to the Reference Entity, any
                           indebtedness (whether present or future) future) in
                           respect of borrowed money or derivative contracts.
                           Specific Reference Obligation: A draft of which is
                           attached as Attachment "A"

                           Asset Type:            Loan

                           Denomination:          Japanese Yen
                           Documentation:         Credit Agreement dated as of
                                                  July 18, 2000 by and among
                                                  Borrower, Lender and Panamco
                                                  Beverages Inc.("Credit
                                                   Agreement")
                           Governing Law:         State of New York
                           Borrower:              PANAMCO DE VENEZUELA, S.A.
                           Lender:                INARCO INTERNATIONAL BANK N.V.
                           Loan Amount:           JPY 10,815,000,000.00
                           Interest:              6-mo JPY LIBOR +3.55 % p.a.,
                                                    act/360
                           Loan Commencement
                           Date:                  July 26, 2000

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Citibank, N.A.
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                          Loan Termination Date:     July  28,  2003, subject
                                                     to occurrence of Event of
                                                     Default or Prepayment as
                                                     described in Credit
                                                     Agreement
                          Principal Payment Date:    Loan Termination Date
                          Interest Payment Date:     Semiannually

Swap Transaction:         Cross Currency Swap transaction entered into by and
                          between Citibank N.A., New York and Reference Entity
                          as of July 18, 2000 under the terms of the ISDA
                          Master Agreement dated as of July 18, 2000 by and
                          between Citibank, N.A., New York and the Reference
                          Entity.

II.  ALTERNATE OBLIGATIONS UPON DECLARATION OF A RISK EVENT

If an event capable of being declared a Risk Event has occurred and is
continuing on any day during the Risk Event Determination Period, Bank may at
its option declare a "Risk Event" and designate an Alternate Payment Date.
Following any such declaration, Bank shall so notify the Depositor; provided,
however, that failure of Bank to so notify the Depositor shall not nullify the
declaration.

               (i) Following Bank's declaration of a Risk Event, other than a
               Sovereign Risk Event, as defined under (ii) below, Bank shall
               elect at its option to perform or cause to be performed one of
               the following alternative obligations on or prior to the
               Alternate Payment Date (or if settlement by such date is
               impracticable, as soon thereafter as is practicable), in lieu
               and in full satisfaction of its obligation to make any and all
               payments due under this Deposit:

                    (a) Bank shall transfer or cause to be transferred to the
                    Depositor the Specific Reference Obligations such transfer
                    to be accomplished directly by assignment to the Depositor
                    in accordance with the terms of the Mandatory Assignment
                    provision (Section 4.2) of the Credit Agreement relating
                    to the Specific Reference Obligations and the letter of
                    Assignment and Acceptance dated as of July 18, 2000, a
                    form of which is attached as Exhibit F to the Credit
                    Agreement; or if Bank determines in its sole discretion
                    that any such direct transfer is illegal or impossible,
                    then

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Citibank, N.A.
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                    (b) Bank shall pay to the Depositor the Alternate Payment
                    Amount (as defined below).

               (ii) Upon the occurrence of a Sovereign Risk Event under the
               terms of this Confirmation, the Specific Reference Obligation
               and/or, or with respect to the Swap Transaction (and as such
               term is defined in the documentation governing each such
               asset), Bank shall refrain from exercising the Alternate
               Obligations set forth above until the earlier of (i) such time
               as the parties to the relevant transaction have exhausted the
               potential cures under the terms of such transaction or (ii) 15
               Business Days after Bank's declaration of a Risk Event due to
               Sovereign Risk hereunder. Thereafter, Bank may elect to
               exercise its rights as set forth in paragraphs (i)(a) and
               (i)(b) above.

               Any payment or delivery made pursuant to this section shall be
               reduced by an amount of cash, securities or other assets, as
               the case may be, sufficient to satisfy any and all Taxes or
               Charges applicable to the holding, transfer and/or sale of the
               Specific Reference Obligations.

               This Deposit shall expire and Bank shall have no further
               liability hereunder (unless Bank shall have defaulted on its
               obligations hereunder) following the earliest of (i) payment of
               the Repayment Amount, and (ii) Bank's satisfaction of its
               obligations following its declaration of a Risk Event, as
               described above.

               ALTERNATE PAYMENT AMOUNT means an amount in US Dollars equal to
               the amount that a third party (whether within the Reference
               Jurisdiction or otherwise) would be willing and able to pay for
               the Specific Reference Obligations or a beneficial interest
               therein, as determined by Bank in its sole reasonable
               discretion.

RISK EVENTS:   The occurrence, as determined by the Calculation Agent in its
               sole discretion, bona fide and in commercially reasonable
               manner, of any one of the following events:

               Any event or the existence of any condition (except for (i) any
               single event that has occurred prior to the Trade Date and (ii)
               any condition that exists continuously from the Trade Date to
               the Risk Event Determination Date) that (1) would cause a
               Reference Investor (a) not to receive any or all of the
               proceeds of Reference Obligations; (b) not to be able to
               convert proceeds denominated in

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Citibank, N.A.
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               the Reference Currency into U.S. Dollars; or (c) not to be able
               to repatriate the proceeds (whether denominated in foreign
               currency or the Reference Currency and whether or not
               consisting of cash) out of the Reference Jurisdiction, or (2)
               that diminishes, directly or indirectly, its return on
               investment in such assets (it being understood that interest
               rate and/or foreign exchange fluctuations, by themselves, shall
               not constitute the basis for the declaration of a Risk Event ).
               "Risk Event" shall include (but not be limited to) the
               following Credit Risk Events and Sovereign Risk Events:

CREDIT RISK
EVENTS:        REFERENCE ENTITY DEFAULT EVENT means with respect to the
               Reference Obligations (1) the failure of the relevant Reference
               Entity to make, or the failure of Reference Investors to
               receive (whether due to the actions of the relevant Reference
               Entity or otherwise), timely payment in full of any principal,
               interest or other amounts due (without giving effect to any
               applicable grace periods) on such Reference Obligations for any
               reason whatsoever, provided however, that any such failure to
               receive is not due to the gross negligence or willful
               misconduct on the part of the Bank or its Affiliates; or the
               occurrence of any other event or the existence of any condition
               that would with the passage of time, the giving of notice, the
               election of holders or a combination of the foregoing
               constitute a default under any such Reference Obligations
               (howsoever described); (2) the declaration of a moratorium,
               waiver, deferral, repudiation or rescheduling of any principal,
               interest or other amount due on such Reference Obligations; (3)
               the amendment or modification of the terms and conditions of
               payment of any principal, interest or other amounts due or of
               any other term or condition that has a material and adverse
               affect on the beneficial owner of such Reference Obligations
               (including without limitation as the result of amendments or
               modifications to indices, exchange rates or any other term
               defined independently from the Reference Obligations, but
               incorporated by reference therein); or (4) the taking of any
               other action or the making of any official statement by any
               Governmental Authority that adversely affects, the ability of a
               Reference Entity, or otherwise limits the obligation of a
               Reference Entity, to make any payment due on such Reference
               Obligations.

               BANKRUPTCY means (i) the commencement by the Reference Entity
               of any case or proceeding under any bankruptcy, insolvency,
               reorganization, liquidation, moratorium, dissolution,
               delinquency or similar law, or the Reference Entity

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               seeking the appointment or election of a receiver, conservator,
               trustee, custodian or similar official for the Reference Entity
               or any substantial part of its property, or the convening of
               any meeting of creditors for purposes of commencing any such
               case or proceeding or seeking such an appointment or election,
               (ii) the commencement of any such case or proceeding against
               the Reference Entity, or another seeking such an appointment or
               election, (iii) the making by the Reference Entity of a general
               assignment for the benefit of creditors, or (iv) the admission
               in writing by the Reference Entity of its inability to pay its
               debts as they become due.

SOVEREIGN RISK
EVENTS:        INCONVERTIBILITY EVENT means the occurrence of any event or
               existence of any condition (including without limitation any
               such event or condition that occurs as a result of the
               enactment, promulgation, execution, ratification,
               interpretation or application of, or any change in or amendment
               to, any law, rule or regulation by any Governmental Authority)
               that generally makes it impossible, illegal or impracticable
               for any Reference Investor, or materially hinders its ability,
               (1) to convert the Reference Currency into U.S. Dollars through
               customary legal channels; or (2) to effect currency
               transactions on terms as favourable as those available to
               residents of the Reference Jurisdiction.

               NON-TRANSFERABILITY EVENT means any event (including without
               limitation any such event that occurs as a result of the
               enactment, promulgation, execution, ratification,
               interpretation or application of, or any change in or amendment
               to, any law, rule or regulation by any Governmental Authority)
               that generally makes it impossible, illegal or impracticable
               for a Reference Investor, or materially hinders its ability, to
               transfer the Reference Obligations , Reference Currency, US
               Dollars or Japanese Yens (1) from accounts inside the Reference
               Jurisdiction to accounts outside the Reference Jurisdiction and
               vice versa; (2) between accounts inside the Reference
               Jurisdiction; or (3) from accounts outside the Reference
               Jurisdiction controlled or owned by residents of the Reference
               Jurisdiction to accounts outside the Reference Jurisdiction.

               NATIONALIZATION EVENT means the expropriation, confiscation,
               freezing, requisition, nationalization or other action by any
               Governmental Authority which directly or indirectly deprives
               the Reference Investors of any Reference Obligations (including
               rights to receive payments) in the Reference Jurisdiction.

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               OWNERSHIP RESTRICTION EVENT means any event (including but not
               limited to changes in the regulations of, or the making of any
               official statement by, any Governmental Authority) that causes
               it to be illegal, impossible or impracticable for any Reference
               Investor to purchase, hold, sell or transfer any Reference
               Obligation (or that adversely affects the ability of such an
               investor to purchase, hold, sell or transfer any Reference
               Obligations).

               BANKING MORATORIUM EVENT means the declaration of capital
               and/or currency controls or a general banking moratorium in the
               Reference Jurisdiction or any suspension of payments by banks
               in the Reference Jurisdiction.

               FORCE MAJEURE EVENT means the occurrence of any force majeure.

III.   EARLY TERMINATION

               In the even that the Borrower under the Specific Reference
               Obligation elects to prepay such Specific Reference Obligation
               under the terms of Section 4.1 of the Credit Agreement ("Early
               Termination Event"), then Bank shall terminate this Deposit on
               [at least one] Business Days' notice to Depositor.

               Thereafter, Bank shall designate an Early Termination Date and
               pay to Depositor on such date the Deposit Amount plus accrued
               interest from and including the last interest payment date to
               but excluding the Early Termination Date plus the Early
               Termination Compensation Amount and any applicable Taxes and
               Charges. Thereafter neither party shall have any further
               obligations under this Deposit and Confirmation.

               The Early Termination Compensation Amount shall be an amount
               calculated according to the following formula:

                         (USDLIBOR1-USDLIBOR2) * D/360
                      N* -----------------------------
                            (1 + USDLIBOR2* D/360)

Where:

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N                   = USD Deposit Amount

USDLIBOR1           = 6-mo USD LIBOR BBA for the current Calculation Period.

USDLIBOR2           = USD LIBOR BBA for a tenor equal to D.

D                   = the number of days remaining in the respective
                      Calculation Period.

Calculation Period  = a period  between  two  subsequent
                      interest  payment dates scheduled under this
                      Confirmation.

If the amount calculated according to the formula above is (i) a positive
amount, the Bank shall pay to the Depositor such amount, and (ii) a negative
amount, the Bank shall subtract from the Depositor the absolute value of such
amount.

IV.      DEFINITIONS

For purposes of this Confirmation:

"Affiliate" means, in respect of any designated person, any person that
directly or indirectly controls or is controlled by or is under common control
with such designated person. For purposes of this definition, control
(including with correlative meanings, the terms controlled by and under common
control with), as used with respect to any person, shall mean the possession,
directly, or indirectly, of the power to direct or cause the direction of the
management and policies of such person, whether through the ownership of
voting securities or by contract or otherwise.

"Alternate Payment Date" means the date specified by the Bank upon the
declaration of a Risk Event, which date shall not be more than 25 Business
Days following the Risk Event Determination Date.

"Charges" means any charges, fees, expenses or other costs that would be
incurred by the Bank or a lender under the Specific Reference Obligations
after the Trade Date which are imposed, charged or otherwise put into effect
by any Governmental Authority in respect of any portion of the period
beginning on the Transaction Date and ending on the Maturity Date, as the case
may be, in connection with any Reference Obligations, including but not
limited to

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loans in the Reference Jurisdiction or the entering into or settlement of any
related foreign exchange transactions.

"Governmental Authority" means any de facto or de jure government (or any
agency or subdivision thereof), court, tribunal, administrative or other
governmental or any other entity (public or private) charged with the
regulation of the financial markets (including the Central Bank) of the
Reference Jurisdiction.

"Reference Investor" means any member of a class of persons that includes Bank
or any of its Affiliates (including, without limitation, any trust, special
purpose vehicle or account through which Bank or any of its Affiliates may
hold Reference Obligations in the Reference Jurisdiction).

"Risk Event Determination Date" means the date on which Bank declares that a
Risk Event has occurred.

"Risk Event Determination Period" means the period from and including Final
Placement Date and including the Maturity Date.

"Taxes" means any tax (including any withholding or excise tax), levy, impost,
duty, charge, assessment or fee of any nature whatsoever (including any
interest or penalties, "Taxes") enacted, imposed or otherwise put into effect
after the Trade Date by any Governmental Authority, including but not limited
to any modifications or amendments to any Taxes in effect on the Trade Date or
any change in interpretation or application of any law or regulation relating
to any Taxes in effect on the Trade Date which would result in an increase in
any amounts payable by, or withheld or deducted from payments due to an issuer
or any lender in respect of loans in the Reference Jurisdiction or the
entering into or settlement of any related foreign exchange transactions for
any portion of the period beginning on the Transaction Date and ending on the
Maturity Date.

V.  RIGHTS WITH RESPECT TO SPECIFIC REFERENCE OBLIGATIONS

This Deposit does not transfer to the Depositor the rights, if any, which Bank
or any Affiliate thereof may have with respect to the Specific Reference
Obligations, including any rights relating to enforcement of the Specific
Reference Obligations. In addition, Bank is not and shall not be deemed to be
acting as the agent or trustee of the Depositor with respect to the Specific
Reference Obligations.

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Bank shall have no obligation to provide information to Depositor relating to
the Specific Reference Obligations. The Depositor shall have no right to vote
or otherwise exercise any rights or powers arising under the Specific
Reference Obligations under the terms of this Confirmation and the Deposit
described herein; provided, however, that notwithstanding the foregoing, the
Bank may consider but shall have no obligation to accommodate the desires of
Depositor with respect to any such vote or election.

VI.   MISCELLANEOUS.

The Depositor certifies that the representations and warranties made in the
Agreement were true and correct on and as of The Transaction Date of this
Deposit as if such representations and warranties were made as of such date.

IN PARTICULAR, THE DEPOSITOR UNDERSTANDS THAT OBLIGATIONS ARE INSURED BY THE
UNITED STATES FEDERAL DEPOSIT INSURANCE CORPORATION ONLY UP TO THE AMOUNTS
PROVIDED BY LAW AND THAT SUCH DEPOSITS INVOLVE RISKS INCLUDING POSSIBLE LOSS
OF ALL OR A PORTION OF THE DEPOSIT AMOUNT PLUS INTEREST DUE THEREON.

THIS DEPOSIT IS NON-TRANSFERABLE AND NON-NEGOTIABLE AND NEITHER IT NOR ANY
INTEREST THEREIN MAY BE TRANSFERRED, SOLD, PLEDGED OR OTHERWISE REHYPOTHECATED
WITHOUT CITIBANK, N.A.'S PRIOR WRITTEN CONSENT, AND ANY SUCH TRANSFER, SALE,
PLEDGE OR REHYPOTHECATION ATTEMPTED TO BE MADE WITHOUT SUCH PRIOR CONSENT
SHALL BE VOID AND OF NO FORCE OR EFFECT. Depositor hereby covenants that it
will not transfer, sell, pledge or otherwise rehyphothecate or attempt to so
transfer, sell, pledge or rehypothecate this Deposit without first obtaining
the Bank's prior consent.

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Citibank, N.A.
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This Deposit and its payment shall be governed by, and construed in accordance
with, the Agreement and the laws of the State of New York.

Kindly acknowledge receipt of this confirmation by signing and returning the
attached copy of this confirmation within 24 hours to the attention of our
Control Department, fax # (212) 615-8589. Hard copies should be returned to
Citibank, N.A., Derivatives Documentation Review, at 333 West, 34th Street,
2nd Floor, New York, New York 10001.

Citibank, N.A.

By

ACKNOWLEDGED:

Panamerican Beverages, Inc.

By:______________________________
    Name:
    Title:
    Date:

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Global Relationship Banking                      Trade Date:  July 18, 2000
Global Derivatives                                            Page 12 of 12

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