Shinhan Financial Group will join the country’s first blind fund for port logistics infrastructure, worth 223 billion won, being set up by the Korea Ocean Business Corp.

Shinhan Financial said on June 22 it held a fund commitment ceremony with the Korea Ocean Business Corp. It said it decided that its affiliate Shinhan Asset Management would be in charge of forming and managing a 117 billion won fund.

The Shinhan Carbon-Neutral Port Infrastructure Fund, formed and managed by Shinhan Asset Management, will include contributions of 2 billion won from Shinhan Asset Management, 10 billion won from Shinhan Bank and 100 billion won from the Korea Ocean Business Corp.

The fund plans to invest in infrastructure to shift port energy to more environmentally friendly sources, including ports dedicated to offshore wind power, hydrogen and ammonia terminals, and bunkering facilities for clean fuels.

A Shinhan Financial official said it was the country’s first blind fund for port logistics infrastructure linking policy finance with private capital. The official said it would continue to expand financial support for national core infrastructure and future growth industries based on cooperation among group affiliates.