Word: damming
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Later this week Banker Black comes to the most crucial part of his trip: Egypt. The most important single development project in the world today is the proposed high dam spanning the Nile at Aswan. The 15-year, $1.3 billion project will have 1,440,000 kw. of power capacity and increase Egypt's electric supply eightfold. Several months ago Black worked out a deal to lend Egypt $200 million to help get the project started, with the U.S. and Great Britain adding grants of $70 million. The only thing to be settled was the question of water rights...
Then the Russians, who had previously offered a $300 million loan, started jiggling the bait again. Though Egypt's Strongman Gamal Abdel Nasser prefers Western aid, and knows that he will get more dam for the money with no political strings attached, he is cagily bargaining with both sides. Last week Nasser received Russia's junketing Foreign Minister Dmitry T. Shepilov, who arrived in Cairo with tempting new offers (see FOREIGN NEWS). But on this trip, Black hopes to nail down the deal once and for all. Both he and the Reds know the size of the stakes...
George Francis Patrick Flaherty was riding his Irish luck. Rolling out for the Indianapolis 500-mile Memorial Day auto race, he wore a jaunty shamrock on his helmet, and he didn't give a tinker's dam for the auto racers' superstition that green is the devil's own color on the track. With his John Zink Special, almost an exact copy of last year's winner, 30-year-old Pat Flaherty had already spun through his trial heats fast enough to set a one-lap record: 146.056 m.p.h. In the big test itself, freckle...
...defended Egypt's Premier Nasser as a sincere patriot despite his arms deal with the Reds. Last week Dulles termed Egypt's recognition of Red China "an action we regret." To emphasize U.S. displeasure, Dulles indicated that Egyptian acceptance of Russian aid to build the Aswan Dam would mean U.S. withdrawal from the $1.3 billion project. Next day Ike removed some of the sting, saying that a single unwelcome act by another nation does not "destroy friendship for that nation...
...concentration on exporting its dollars, tools and advice to the postwar world, the U.S. has been slow and a little timid about exporting its culture. But now culture is catching up with the atomic cannon, the dam builders, the agricultural advisors and the diplomats...