Seoul: The newly launched mega-sized Public Growth Fund's first investment was approved Thursday for an offshore wind farm project, with more loans and investments to be made for various projects down the road, the financial regulator said Thursday.

According to Yonhap News Agency, the Financial Services Commission (FSC) announced that the fund's management committee approved a 750 billion-won (US$526.3 million) long-term loan for constructing the 3.4 trillion-won wind farm in waters off the southwestern county of Sinan, South Jeolla Province.

The fund, which was launched in December last year, has ambitious plans to attract 150 trillion won in government and private investment over the next five years. Its goal is to foster strategic high-tech industries, including AI, semiconductors, and renewable energy.

In addition to promoting technology sectors, the fund aims to distribute the benefits of economic growth more evenly and enhance support for young entrepreneurs and startup founders. The FSC has previously stated that over 30 trillion won will be invested this year, with initial allocations including 6 trillion won for the AI sector, 4.2 trillion won for the semiconductor segment, and 3.1 trillion won for future mobility.