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 that time the U.S. feared that communism would spread to the Middle East, and it saw Nasser as a natural leader of an anticommunist procapitalist Arab League. America and Britain offered to help finance construction of the High Dam, with a loan of $270 million, in return for Nasser's leadership in resolving the Arab-Israeli conflict. While opposed to communism, capitalism, and imperialism, Nasser presented himself as a tactical neutralist, and sought to work with both the U.S. and the USSR for Egyptian and Arab benefit. After a particularly criticized raid by Israel against Egyptian forces in Gaza in 1955, Nasser