The Ugandan ministry of foreign affairs (MoFA) has partnered with Stanbic Bank to conduct financial training for Ugandan diplomats as the country positions all missions for commercial diplomacy. [...] Under commercial diplomacy, Mugoya said, missions abroad are expected to deliver tangible financial benefits in terms of direct foreign investments. - 

The BRICS emerging economies will launch a development bank at a summit this week which President Vladimir Putin hopes will help reduce Western dominance of world financial institutions and show Moscow is not isolated.

China has dramatically scaled up its global loan book over the past five years by dealing with countries largely ignored by Western lenders, whether for political reasons (Russia) or economic (Argentina).