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 technicians and heavy machinery. The enormous rock and clay dam was designed by the Soviet Hydroproject Institute along with some Egyptian engineers. 25,000 Egyptian engineers and workers contributed to the construction of the dams. On the Egyptian side, the project was led by Osman Ahmed Osman's Arab Contractors. The relatively young Osman underbid his only competitor by one-half. The Aswan High Dam is long, wide at the base, wide at the crest and tall. It contains of material. At maximum, of water can pass through the dam. There are further emergency spillways for an extra , and the Toshka Canal