# Exhibit 11

# CERTIFICATIONS

I, Jaime Rivera, certify that:

|1. |  | I
have reviewed this annual report on Form 20-F of Banco Latinoamericano de Exportaciones;
|-- |  | ------------------------------------------------------------------------------------------

|2. |  | Based
on my knowledge, this annual 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 annual 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(s) 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)) and internal          control over financial reporting (as
defined in Exchange Act Rules          13a-15(f) and 15d-15(f)) 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) |  | Designed
such internal control over financial reporting, or                caused such internal
control over financial reporting to be                designed under our supervision, to
provide reasonable assurance                regarding the reliability of financial
reporting and the                preparation of financial statements for external
purposes in                accordance with generally accepted accounting principles;
| | -- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | c) |  | 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
| | -- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | d) |  | 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(s) and I have disclosed, based          on our most
recent evaluation of internal control over financial          reporting, to the companys
auditors and the audit 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; and
| | -- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

June 25, 2004

By: /s/ Jaime Rivera
         Jaime Rivera Chief Executive Officer

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I, Carlos Yap, certify that:

|1. |  | I
have reviewed this annual report on Form 20-F of Banco Latinoamericano de Exportaciones;
|-- |  | ------------------------------------------------------------------------------------------

|2. |  | Based
on my knowledge, this annual 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 annual 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(s) 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)) and internal          control over financial reporting (as
defined in Exchange Act Rules          13a-15(f) and 15d-15(f)) 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) |  | Designed
such internal control over financial reporting, or                caused such internal
control over financial reporting to be                designed under our supervision, to
provide reasonable assurance                regarding the reliability of financial
reporting and the                preparation of financial statements for external
purposes in                accordance with generally accepted accounting principles;
| | -- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | c) |  | 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
| | -- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | d) |  | 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(s) and I have disclosed, based          on our most
recent evaluation of internal control over financial          reporting, to the companys
auditors and the audit 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; and
| | -- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

June 25, 2004

By: /s/ Carlos Yap
         Carlos Yap Senior Vice President - Finance

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