Parliament approved Sunday Presidential Decree to approve Memorandum of Agreement on Saudi King Salman bin Abdulaziz's program for development of Sinai Peninsula, Al Masry Al Youm News reported. The memorandum of agreement was signed in Saudi's Riyadh on March 20, between the governments of Egypt and Saudi Arabia. It's worth $ 1.5 billion and at an interest rate of 2% per annum on each loan allocated for projects. The Egyptian government must pay back the loans over a period of 20 years.