Aswan Dam Abdel Nasser. The Free Officers were convinced that the Nile Waters had to be stored in Egypt for political reasons, and within two months, the plan of Daninos was accepted. Initially, both the United States and the USSR were interested in helping the development of the dam, but this movement happened in the midst of the Cold War, as well as of growing intra-Arab rivalries. In 1955, Nasser was trying to portray himself as the leader of Arab nationalism, in opposition to the traditional monarchies, especially the Hashemite Kingdom of Iraq following its signing of the 1955 Baghdad Pact. At
Aswan Dam that time the U.S. feared that communism would spread to the Middle East, and it saw Nasser as a natural leader of an anticommunist procapitalist Arab League. America and Britain offered to help finance construction of the High Dam, with a loan of $270 million, in return for Nasser's leadership in resolving the Arab-Israeli conflict. While opposed to communism, capitalism, and imperialism, Nasser presented himself as a tactical neutralist, and sought to work with both the U.S. and the USSR for Egyptian and Arab benefit. After a particularly criticized raid by Israel against Egyptian forces in Gaza in 1955, Nasser