Word: dammed
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...clacked in from U.S. outposts in the tense Middle East. State was braced for the possibility that Russia's Foreign Minister Dmitry Shepilov (see FOREIGN NEWS) would offer to sell Egypt arms, would offer Egypt a $1.3 billion loan-or a blank check-to build the Aswan High Dam, that Egypt's Premier Nasser would find it hard to turn down such easy and astronomical money (roughly half of Egypt's gross national product). State was concerned likewise that neighboring Israel might be fanning up a new "get tough" policy after dismissing moderate Foreign Minister Moshe Sharett...
...still stood on its conditional offer to grant Nasser $56 million toward his dam (Britain is still ready to grant $14 million), to precede a World Bank loan of $200 million. The reasons were basic and simple: 1) the U.S. offer, with its businesslike requirement of a sound Egyptian fiscal system, was good for Nasser-and he knew it; 2) the U.S. knew full well that if Nasser accepted Russian easy terms he was bound to pay a heavy price in independence besides having a hard time laying his hands on the money-and presumably Colonel Nasser knew that...
...longer dependent on the West alone. Now, as Foreign Minister, Shepilov was, back to inspect his handiwork. This time he also came bearing gifts, or the offer of gifts. Shepilov hoped to wean Nasser from his bargain with U.S., Britain and the World Bank to finance the High Dam at Aswan...
Magic Lamp. The dam, a dramatic project that will irrigate 2,000,000 acres of desert, is estimated to cost $1.3 billion over a period of ten years. The U.S. has offered to grant $56 million outright and Britain another $14 million, for a start. Further grants have been promised, but cannot be guaranteed because the U.S. cannot commit Congress more than a year in advance. A major chunk is to come in the form of $200 million loans from the World Bank. Though most of the details of financing were settled months ago, there have been mysterious delays, which...
...final communique was full of talk of mutual regard, but the dam was not mentioned. Suspicion is that Nasser recognizes that acceptance of a Russian loan would give Soviet Russia a decisive and unwelcome voice in Egypt's economy, but is not above trying to use Shepilov to pressure...