EGYPT will allocate $500 million for rebuilding efforts in the Gaza strip following Israeli air strikes, the Egyptian presidency has announced. Israel bombarded Gaza with air strikes and Palestinian militants resumed cross-border rocket fire on Tuesday after a brief overnight lull. Nearly 450 buildings in the Gaza strip have been destroyed or badly damaged, including six hospitals and nine primary care health centres, the United Nations humanitarian agency said. Some 47,000 out of 52,000 displaced persons had fled to U.N. schools. Egyptian companies will participate in rebuilding operations, according to the statement that followed a meeting between President Abdel Fattah…