FOREIGN CUSTODY

DELEGATION AGREEMENT

between

THE MEXICO FUND, INC.

and

IMPULSORA DEL FONDO MEXICO, S.A. de C.V.

DELEGATION AGREEMENT

AGREEMENT, dated as of June 13, 2000 by and between IMPULSORA DEL FONDO MEXICO, S.A. de C.V., a corporation organized under the laws of the Republic of Mexico (the Delegate), and THE MEXICO FUND, INC., a corporation organized under the laws of the State of Maryland (the Fund).

WHEREAS, pursuant to the provisions of Rule 17f-5(b) under the Investment Company Act of 1940, and subject to the terms and conditions set forth herein, the Board of Directors of the Fund desires to delegate to the Delegate, and the Delegate hereby agrees to accept and assume, certain responsibilities described herein concerning Assets held outside of the United States.

NOW THEREFORE, in consideration of the premises and of the mutual agreements contained herein, the parties hereto agree as follows:

Capitalized terms in this Agreement have the following meanings:

Assets means any of the Funds investments (including foreign currencies) for which the primary market is outside the United States, and such cash and cash equivalents as are reasonably necessary to effect the Funds transactions in such investments.

Authorized Representative means any one of the persons who are empowered, on behalf of the parties to this Agreement, to receive notices from the other party, to send notices to the other party, and to otherwise bind the respective parties with respect to the subject matter of this Agreement.

Board means the Board of Directors of the Fund.

Compulsory Securities Depository means a Securities Depository the use of which is mandatory: (i) by law or regulation; (ii) because securities cannot be withdrawn from the depository; or (iii) because maintaining securities outside the Securities Depository is not consistent with prevailing custodial practices.

Country Risk means all factors reasonably related to the systemic risk of holding assets in a particular country, including, but not limited to, such countrys financial infrastructure (including any Securities Depositories operating in such country); prevailing custody and settlement practices; and laws applicable to the safekeeping and recovery of assets held in custody.

Eligible Foreign Custodian has the meaning set forth in Rule 17f-5(a)(1).

Foreign Custody Manager has the meaning set forth in Rule 17f-5(a)(2).

Monitor means to re-assess or re-evaluate, at reasonable intervals, a decision or determination previously made.

Permissible Foreign Custodian means any person with whom Assets may be placed and maintained outside the United States under (i) the Investment Company Act of 1940 or (ii) an order of the U.S. Securities and Exchange Commission, without regard to Rule 17f-5.

Securities Depository has the meaning set forth in Rule 17f-5(a)(6).

Delegate represents that it is a corporation organized under the laws of the Republic of Mexico.

Fund represents that the Board has determined that it is reasonable to rely on the Delegate to perform the responsibilities delegated by this Agreement.

The authority delegated by this Agreement applies only with respect to Assets held in the Republic of Mexico.

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