Relations between Nasser and the West reach…
1956 CE
Construction of the dam had been one of the earliest decisions of the Free Officers.
It will increase both electrical generating power and irrigated land area.
It will serve industry and agriculture and symbolize the new Egypt.
The United States agrees to give Egypt an unconditional loan of fifty-six million dollars and Britain agrees to lend Egypt fourteen million dollars.
The British loan is contingent on the American loan.
The World Bank also agreed to lend Egypt an additional two hundred million dollars.
The World Bank loan stipulates that Egypt's budget be supervised by World Bank officials.
To Nasser these conditions are insulting and are reminiscent of Europe's control over Egypt's finances
in the 1870s.
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