Well, if there is no leakage, any exterior acrylic latex or masonry paints are suitable. If there is any leakage, you would require a waterproofing product (e.g. Elastomeric) to ensure a tight seal before applying your paint.
The cost of the product may persuade some to caulk and paint with exterior latex, however, long-term results definitely outweigh the short-term savings and all factors should be considered before you proceed with any project.
For the best results, contact a qualified contractor to have a professional evaluation and estimate prepared for your particular application.
Mr. Kuivenhoven can be reached at 661-2557