Aswan Dam allies in the Middle East, including Turkey and Iraq, were irritated and jealous that Egypt, a persistently neutral country, was being offered so much aid. In June 1956, the Soviets offered Nasser $1.12 billion at 2% interest for the construction of the dam. On 19 July the U.S. State Department announced that American financial assistance for the High Dam was "not feasible in present circumstances." On 26 July 1956, with wide Egyptian acclaim, Nasser announced the nationalization of the Suez Canal as well as fair compensation for the former owners. Nasser planned on the revenues generated by the canal helping
Grand Ethiopian Renaissance Dam govern the impacts during the reservoir filling phase include the initial reservoir elevation of the Aswan High Dam, the rainfall that occurs during the filling period and the negotiated arrangement between the three countries. These studies also show that only through close and continuous coordination, the risks of negative impacts can be minimized or eliminated. The reservoir volume (74 billion cubic meters) is about 1.5 times the average annual flow (49 billion cubic meters) of the Blue Nile at the Sudanese-Egyptian border. This loss to downstream countries could be spread over several years if the countries reach an agreement. Depending