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 exchange rate in 1970 of $2.30 per E£1): £140 million from agricultural production, £100 million from hydroelectric generation, £10 million from flood protection, and £5 million from improved navigation. At the time of its construction, total cost, including unspecified "subsidiary projects" and the extension of electric power lines, amounted to £450 million. Not taking into account the negative environmental and social effects of the dam, its costs are thus estimated to have been recovered within only two years. One observer notes: "The impacts of the Aswan High Dam (...) have been overwhelmingly positive. Although the Dam has contributed to some