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 Low Dam 1907–1912 and between 1929–1933, and generation of electricity was added. The first phase was supervised by Sir Benjamin Baker, though much of the detailed work was undertaken by Murdoch MacDonald. With its final raising (designed and supervised by MacDonald's firm, Sir M MacDonald & Partners), the dam is in length, with a crest level above the original riverbed; the dam provides the main route for traffic between the city and the airport. With the construction of the High Dam upstream, the Old Dam's ability to pass the flood's sediments was lost, as was the serviceability provided by the locks. The