Secretary of State John Foster Dulles announces that the United States had withdrawn its offer of financial aid to Egypt to build the Aswan High Dam on the Nile River. A project aimed at containing the annual cycle of floods and often droughts suffered in the valley from the river’s East African drainage basin for the previous 5,000 years. The announcement came shortly after the Soviet Union offered Egypt to finance the dam.
Key events follow the withdraw announcement as the complexities of Cold War politics and the use of foreign aid as a tool played a role in affecting international relations.
- Nasser nationalized the Suez Canal. In October 1956.
- British, French and Israeli forces attacked Egypt leading to the Suez Crisis of 1956.
- The British, French and Israeli forces allied force withdrew in early 1957.
- The Damn was eventually started on 1964 with Soviet financing and a Moscow-based Hydro project Institute design.
- The Damn was formally completed on July 21, 1970.
- The reservoir, known as Lake Nasser, reached its full capacity in 1976.
- The Soviet influence increased in the region.
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