Egypt has agreed with Saudi Fund for Development to get $500 million, the first installment of $1.5 billion loan for carrying out development projects in Sinai Peninsula, said Egypt's Minister of International Cooperation Sahr Nasr. She added, in a press statement, that there are three Arab funds have participated in establishing development projects in Sinai with value estimated at $2.5 billion. On June 1, Nasr announced that Egypt has received $500 million from Saudi Arabia, the first installment of $2.5 billion grant.