CAIRO – Egypt's finance ministry said Saturday that it had received the first $500 million deposit from Qatar as part of a $2 billion loan agreement for the country. Egypt, which is currently facing major government funding pitfalls, has requested numerous loans from the Gulf region as well as the International Monetary Fund (IMF). The hope is that the loans will enable the government to ensure a post-revolution financial crisis does not hit the country. Finance Minister Mumtaz El-Saeed was quoted by the MENA news agency as saying that it was "the first tranche of $2 billion the Gulf emirate's commitment. His ministry said Egypt expects to receive the remaining funds from Qatar sometime next month. The loan aims to help Egypt's struggling economy as foreign reserves continue to dwindle due to popular uprising. Egypt officially asked once again for a $4.8 billion loan from the IMF to plug gaps in the balance of payments and its growing budget deficit. Construction industry robust The Egyptian infrastructure construction market accounted for 45.8 percent of the total value of the Egyptian construction industry in 2011, recording a strong CAGR of 15.18 percent during the review period, Market Research said Tuesday in its “Construction in Egypt - Key Trends and Opportunities to 2016” report. The growth in the construction industry was driven by significant infrastructure investments made by the Egyptian government, including three stimulus packages, coupled with increased private investment in Egyptian infrastructure development. Egypt has a growing need for new homes, hospitals, schools, infrastructure and sewage works. – SG/Agencies
