CARACAS, Sept. 30 -- The Joint Chinese-Venezuela Fund, established in 2007 to invest in projects such as housing and infrastructure, has helped spur Venezuela's development, local media reported Tuesday.

Thanks to the joint funding mechanism, the Venezuelan government has been able to embark on new projects in key sectors, including infrastructure, industry, agriculture, mass transit systems, telecommunications, and electricity generation, the online news service Carabobena News Agency (ACN) reported.

Some of the projects aim to provide added value to Venezuelan raw materials, such as aluminum and petroleum byproducts, while others are designed to boost the country's growth potential and improve the people's quality of life, the agency said.

The fund also supports social programs such as housing, including importing building materials and construction vehicles needed to build residential units, and the installation of assembly plants for household appliances.

Most of the fund was contributed by the China Development Bank, with the remaining by Venezuela's National Development Fund.

The two countries agreed to upgrade their relations to a comprehensive strategic partnership during Chinese President Xi Jinping's visit to Venezuela in July this year.