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
Economy of Egypt EuroAfrica Interconnector pointing out its importance for energy security of three countries.< Irrigation plays a major role in a country the very livelihood of which depends upon a single river, the Nile. Most ambitious of all the irrigation projects is that of the Aswan High Dam, completed in 1971. A report published in March 1975 by the National Council for Production and Economic Affairs indicated that the dam had proved successful in controlling floodwaters and ensuring recurring water supply, but that water consumption had been more than needed and shall be controlled. Some precious land was lost below the dam