The Ministerial Committee for Sinai Development, presided by Prime Minister Hisham Qandeel, discussed the financial allocations for Sinai development in the 2012-2013 budget which are estimated at EGP one billion.
The allocations will be channeled to different ministries as well as North and South Sinai to fund projects aiming at developing Sinai.
Head of the newly-formed Sinai development authority Mohamed Shawky said at a press conference, held after the committee's meeting, that they also discussed allocating 50 million dollars, donated by the US, in addition to 24 million pounds given by the Planning and International Cooperation Ministry to afford the urgent needs of Sinai's residents.
The authority's organizational laws, Shawky said, will be approved in the next cabinet meeting and it is expected to be headquartered in Arish.
"I met Defense Minister Abdel-Fattah al-Sissy and we discussed a plan for confronting terrorism in Sinai through development," he added.