Projects Sacyr Vallehermoso SA said it has created a new company, Ledico Libya, with the Libyan state-run Company for Development and Investment to take part in infrastructure projects in the north African country.

In a statement, Sacyr said Ledico Libya will be 60 pct held by the Spanish constructor and 40 pct held by the Libyan group.

The group's CEO will be Sacyr's international construction manager Jose Manuel Loureda Lopez, while the Libyan company will select the chairman.

The Libyan government is planning to invest over 50 bln eur in a country-wide infrastructure development plan, Sacyr said, though did not reveal the new group's level of involvement in the project.

However, Sacyr noted that the joint venture places the constructor in a "preferential" position in the development project, which aims to build and modernize the country's ports, airports, roads and bridges amongst other plans.