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China Development Bank, MUFG Bank to collaborate on ASEAN Belt and Road projects

China Development Bank signed a business cooperation agreement with MUFG Bank Ltd. and the Japanese bank's unit, Bank of Tokyo-Mitsubishi UFJ (China) Ltd.

The lenders aim to focus on China's Belt and Road development plans, particularly in Southeast Asia, the Chinese policy lender said in a May 14 release.

Under the pact, the banks will maintain high-level talks and collaborate on activities including investment, financing and asset securitization.