27 July 1956: President Nasser plans to use income from the canal to build the Aswan Dam
President Nasser announced last night that the Egyptian Government had decided to nationalise the Suez Canal company and to use the income from the canal of $100m a year to build the Aswan high dam. Last week the United States and Britain withdrew their offers of money for the dam.
Britain is the largest single shareholder in the Suez Canal company, owning seven-sixteenths of the total. The company’s 99-year concession was due to expire in thirteen years, after which the canal would have reverted to Egypt. President Nasser said shareholders would be paid in accordance with the last closing prices on the Paris bourse.
Continue reading...source https://www.theguardian.com/world/2021/jul/27/egypt-nationalises-suez-canal-nasser-1956
No comments:
Post a Comment