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 on 10 December 1902, by HRH the Duke of Connaught and Strathearn. The project was designed by Sir William Willcocks and involved several eminent engineers of the time, including Sir Benjamin Baker and Sir John Aird, whose firm, John Aird & Co., was the main contractor. Capital and financing were furnished by Ernest Cassel. The Old Aswan Dam was designed as a gravity-buttress dam; the buttress sections accommodate numerous gates, which were opened yearly to pass the flood and its nutrient-rich sediments, but without retaining any yearly storage. The dam was constructed of rubble masonry and faced with red ashlar