Soviet Premier Nikita Khrushchev will proceed soon to Egypt at the invitation of Col. Nasser, president of the United Arab Republic, it was reported here today from Cairo. The invitation was extended following the announcement of Moscow’s $100,000,000 loan to the United Arab Republic to help Nasser build the Aswan Dam in Egypt.
The Cairo report says that the Soviet Government has also promised to supply the United Arab Republic with the latest models of jet bombers and other modern weapons, in addition to the arms already supplied under previous arrangements.
According to the Cairo report, the United Arab Republic will not begin repaying the Soviet loan until the first stage of the work on the Aswan Dam is completed, which means a period of four to five years’ time. The payments will be made over a period of 12 years with two and one-half percent interest. The dam is a $1,300,000,000 project that will take 20 years, but it is estimated here that only $400,000,000 in foreign loans is needed because Egypt can furnish the bulk of labor and materials.
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The Archive of the Jewish Telegraphic Agency includes articles published from 1923 to 2008. Archive stories reflect the journalistic standards and practices of the time they were published.
