MEXICO CITY, May 5 (Reuters) - Mexico's Cemex, one of the world's largest cement companies, has begun construction on a new $55 million cement grinding plant in Nicaragua, the company said in a statement on Monday.

The Monterrey-based company said the new plant will boost cement production capacity in the Central American country by 440,000 tonnes annually, or by 104 percent, and help propel more housing and infrastructure development there.

Cemex said the new plant in Ciudad Sandino on the outskirts of the capital Managua, will eventually include two grinding mills and is expected to be completed by the end of 2017.

(Reporting by David Alire Garcia; Editing by Matt Driskill)