Following the United States withdrawal of its offer to provide assistance to Egypt for the Aswan high dam project, and the consequent nullification of United Kingdom and International Bank for Reconstruction and Development offers of assistance on the project, the government of Egypt on July 26, 1956 announced its decision to nationalize the Suez Canal Company, the authority for the canal under the Constantinople Convention of 1888; Premier Nasser of Egypt was reported to have stated that the revenue from the canal would be used to finance the Aswan high dam. Talks on common policy among the members of the Arab League ensued, with Syria reported to be taking the lead; negotiations between Syria and Egypt for a federal union, to be open to other Arab countries, were reported to encompass unity in military, economic and foreign policies and in financial, cultural and communications matters. The Arab League Political Committee, in a meeting called at the initiative of Syria and concluded on August 12, expressed full support for the Egyptian government's Suez Canal policy. In two resolutions adopted by the Committee also unanimously approved by a meeting of the Arab League Council on August 13, the members of the League 1) proclaimed their solidarity with Egypt in the latter's determination to preserve its sovereignty and national rights, and considered aggression against any Arab state to be an act of hostility directed against all Arab states; and 2) approved the declaration of Egypt that it was prepared to convene a conference in conjunction with states signatory to the 1888 Constantinople Convention governing the use of the canal, as well as other states whose ships made use of the canal, with the object of concluding an agreement to which all those states might adhere to insure freedom of navigation in the canal.