My involvement in regional integration dates back to the days when I was Director-General of the Ministry of Economic Planning and Development. With the assistance of a few very dedicated colleagues, I was able to position my former Ministry to play a leading role in various aspects of regional integration.
The first movers in this market might have found a profitable niche – but once many banks tried to become players in the same market, credit standards became lax and loans were made to borrowers who had little chance of repaying them. Although some banks recognized the risks they did not do enough to mitigate them at a sufficiently early stage.