Egyptian President Abdel Fattah al-Sisi meets with Saudi King Salman bin Abdulaziz in Apr. 2016. Presidency handout.
CAIRO, Jan 26 (Aswat Masriya) - President Abdel Fattah Al-Sisi passed in a new decree on Thursday a Memorandum of Understanding (MoU) between Egypt and Saudi Arabia to develop the Sinai Peninsula.
The decree, which was published in the official gazette, stated the approval of a programme by King Salman bin Abdulaziz to develop Sinai. The MoU was signed earlier in Riyadh between governments of the two countries.
The Egyptian minister of international cooperation Sahar Nasr had earlier signed the MoU in March 2016 which is worth $1.5m.
The agreement outlines development plans for both North and South Sinai that will be executed by Egypt's armed forces.
Since the ouster of the Muslim Brotherhood regime in 2013, economic cooperation between the two countries largely expanded.
During King Salman's visit to Cairo in April 2016, Egypt received the first batch of a Saudi grant worth $2.5 m in total.