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 including Sir Benjamin Baker and Sir John Aird, whose firm, John Aird & Co., was the main contractor. In 1952, the Greek-Egyptian engineer Adrian Daninos began to develop the plan of the new Aswan Dam. Although the Low Dam was almost overtopped in 1946, the government of King Farouk showed no interest in Daninos's plans. Instead the Nile Valley Plan by the British hydrologist Harold Edwin Hurst to store water in Sudan and Ethiopia, where evaporation is much lower, was favored. The Egyptian position changed completely with the overthrow of the monarchy, led by the Free Officers Movement including Gamal