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Administration who have proposed that half the foreign exchange cost of the project should be met by grant aid given in equal amounts by the United States and United Kingdom Governments.
My own view is that these doubts are well founded and that we shall find that the only practicable course is in fact the third suggested in the official memorandum. If this is so I think we should be well advised to
We may lose much
Бо
make up our minds to adopt this course at once. valuable time by putting to Mr. Black suggestions which he is extremely unlikely to accept. The Egyptian Minister of Finance is coming to London in a little over a week's time to discuss the project and it is important that we should be able to put a clear proposal to him,
bo
I therefore recommend that my colleagues should decide now to adopt course (c) in the memorandum and that instructions should accordingly be prepared for Sir Roger Makins and Lord Harcourt to continue discussions in Washington on these lines, If the United States succeed in bringing in the Bank then so much the better; but we should make our advance on the basis of course (c). In the meantime I should be authorised to explain to the Egyptian Minister of Finance next week that we think that the matter should be handled in this way.
Treasury Chambers, S. W. 1.
1st November, 1955,
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2.
3
R.A.3.
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