**Exhibit 12.1**

**CERTIFICATION**

| I, Jaime Rivera, certify that: |
|--------------------------------|
|                           |
| 1.                             | I have reviewed this annual report on Form 20-F of   Banco Latinoamericano de Exportaciones, S.A.; |
|                           |   |
| 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 company as of, and for, the periods presented in this report; |
|                           |   |
| 4.                             | The company’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 company 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 company,   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 company’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 company’s   internal control over financial reporting that occurred during the period   covered by the annual report that has materially affected, or is reasonably   likely to materially affect, the company’s internal control over financial   reporting; and |
|                           |   |   |
| 5.                             | The company’s other certifying officer and I have   disclosed, based on our most recent evaluation of internal control over   financial reporting, to the company’s auditors and the Audit and Compliance   Committee of company’s Board of Directors (or persons performing the   equivalent functions): |
|                           |   |
|                           | a) | All significant deficiencies or material weaknesses   in the design or operation of internal control over financial reporting which   are reasonably likely to adversely affect the company’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 company’s   internal control over financial reporting. |

June 15, 2006

| By:    | /s/ JAIME RIVERA            |   |
|--------|-----------------------------|--------|
|   |                             |   |
|   | Jaime Rivera                |   |
|   | *Chief   Executive Officer* |   |

----