World Bank Group
NGO | Active
1946 CE to 2057 CE
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Relations between Nasser and the West reach a crisis over plans to finance the Aswan High Dam.
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.
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.
While Nasser admits to doubts about the West's sincerity, the United States becomes incensed over Egypt's decision to recognize communist China.
Meanwhile, the Soviet Union is offering aid to Egypt in several forms, including a loan to finance the Aswan High Dam.
The United States withdraws its loan offer on July 19, and Britain and the World Bank follow suit.
Nasser is returning to Cairo from a meeting with President Tito and Prime Minister Nehru when he hears the news.
He is furious and decides to retaliate with an action that shocks the West and makes him the hero of the Arabs.
Meanwhile, the Soviet Union is offering aid to Egypt in several forms, including a loan to finance the Aswan High Dam.
The United States withdraws its loan offer on July 19, and Britain and the World Bank follow suit.
Nasser is returning to Cairo from a meeting with President Tito and Prime Minister Nehru when he hears the news.
He is furious and decides to retaliate with an action that shocks the West and makes him the hero of the Arabs.