Libya and Spain agreed here Monday to create a mixed committee to review the contracts signed by Spanish firms with the previous regime of Col. Moammar Gadhafi.

The accord was reached during the visit to Tripoli of Spain's foreign and development ministers, Jose Manuel Garcia-Margallo and Ana Pastor, respectively, who traveled to the North African country with about 15 business executives.

At a press conference after meeting with Libyan Premier Ali Zidan and Congress speaker Mohamed al Magrif, Margallo said that he and his colleagues were the first Western governmental delegation to meet in Tripoli with Libya's new executive, which was constituted on Nov. 14.

Libya's acting foreign minister, Mohamed Abdelaziz, welcomed Spanish companies and emphasized the "exceptional" economic phase his country is passing through.

The North African nation has recovered the oil production level it enjoyed before the revolution - more than 1.5 million barrels per day, 300,000 of them produced by the Spanish company Repsol - and it is expecting its economy to grow by 17 percent in 2013.

The Spanish-Libyan committee will analyze the situation of the firms that had investments in Libya before the revolution, which signed contacts with the Gadhafi regime or which are awaiting payment for goods and services rendered.

Abdelaziz said he was in complete agreement with the plan and added that the solution for those companies must also be applicable to the rest of the foreign firms doing business with Libya.

Margallo expressed the great interest of Spanish firms in doing business in Libya, a country that wants to rebuild the infrastructure damaged during the conflict and expand its transportation grid. EFE