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
Aswan Dam below 147 m above sea level, 90 km live storage, and 41 km of storage for high flood waters above 175m above sea level. The annual sediment load of the Nile is about 134 million tons. This means that the dead storage volume would be filled up after 300–500 years if the sediment accumulated at the same rate throughout the area of the lake. Obviously sediment accumulates much faster at the upper reaches of the lake, where sedimentation has already affected the live storage zone. Before the construction of the High Dam, the 50,000 km of irrigation and drainage canals