##### 



EXHIBIT 31.2 CERTIFICATION PURSUANT TO RULE 13a-14(a)/15d-14(a)
OF THE SECURITIES EXCHANGE ACT OF 1934 In connection with the Quarterly Report of Consolidated Water Co. Ltd.
(the Company) on Form 10-Q for the quarter ended March 31, 2004, as filed
with the Securities and Exchange Commission on the date hereof, I, Brent J.
Santha, the Chief Financial Officer of the Company, certify, pursuant to Rule
13a-14(a) of the Securities Exchange Act of 1934, that: 1. I have reviewed the Quarterly Report on Form 10-Q of the Company for
the quarter ended March 31, 2004; 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 statements, and other financial
information included in this report, fairly present in all material respects
the financial condition, results of operations and cash flows of the registrant
as of, and for, the periods presented in this report; 4. The registrants other certifying officer and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have: (a) designed such disclosure controls and procedures, or caused such
disclosure controls and procedures to be designed under our supervision, 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 and presented in this report our conclusions about the
effectiveness of the disclosure controls and procedures, as of the end of the
period covered by this report based on such evaluation; and (c) disclosed in this report any change in the registrants internal
control over financial reporting that occurred during the registrants most
recent fiscal quarter (the registrants fourth fiscal quarter in the case of an
annual report) that has materially affected, or is reasonably likely to
materially affect, the registrants internal control over financial reporting;
and 5. The registrants other certifying officer and I have disclosed, based
on our most recent evaluation of internal control over financial reporting, to
the registrants auditors and audit committee of the registrants board of
directors (or persons performing the equivalent functions): (a) all significant deficiencies and material weaknesses in the design or
operation of internal control over financial reporting which are reasonably
likely to adversely affect the registrants ability to record, process,
summarize and report financial information; and (b) any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrants internal control over
financial reporting. Date: May 14, 2004
    
    By:
    
    /s/ Brent J. SanthaName: Brent J. SanthaTitle: Chief Financial Officer