Foreign relations of the Soviet Union 1955, Secretary Dulles announced that the United States, together with Great Britain, was providing nearly $75 million in aid to Egypt to help in the construction of the Aswan Dam on the Nile River. In response to Nasser's increasing attacks on Western colonialism and imperialism and Egypt's continued alliance with the Soviet Union, Britain and the United States withdrew funds for the Aswan Dam in July 1956. That action drove Egypt further toward an alliance with the Soviet Union and was a contributing factor to the Suez Crisis later in 1956. Nasser responded to the aid cut by nationalizing the
Aswan Dam High Dam has resulted in protection from floods and droughts, an increase in agricultural production and employment, electricity production, and improved navigation that also benefits tourism. Conversely, the dam flooded a large area, causing the relocation of over 100,000 people. Many archaeological sites were submerged while others were relocated. The dam is blamed for coastline erosion, soil salinity, and health problems. The assessment of the costs and benefits of the dam remains controversial decades after its completion. According to one estimate, the annual economic benefit of the High Dam immediately after its completion was E£255 million, $587 million using the