Grand Ethiopian Renaissance Dam production of less than 3 percent. The Grand Ethiopian Renaissance Dam could also lead to a permanent lowering of the water level in Lake Nasser, if floods are stored instead in Ethiopia. This would reduce the current evaporation of more than 10 billion cubic meter per year, but it would also reduce the ability of the Aswan High Dam to produce hydropower to the tune of a 100 MW loss of generating capacity for a 3 m reduction of the water level. However, the increased storage in Ethiopia can provide a greater buffer to shortages in Sudan and Egypt during
Aswan Dam support. Although Dulles believed that Nasser was only bluffing and that the USSR would not aid Nasser, he was wrong— the USSR promised Nasser a quantity of arms in exchange for a deferred payment of Egyptian grain and cotton. On 27 September 1955, Nasser announced an arms deal, with Czechoslovakia acting as a middleman for the Soviet support. Instead of attacking Nasser for turning to the Soviets, Dulles sought to improve relations with him. This explains the later offer of December 1955, in which the U.S. and Britain pledged $56 and $14 million respectively towards the construction of the dam.