After the United Kingdom and the United States withdrew their pledge to support the construction of the Aswan Dam due to Egyptian overtures towards the Soviet Union, Egyptian President Gamal Abdel Nasser nationalized the canal in 1956 and transferred it to the Suez Canal Authority, intending to finance the dam project using revenue from the canal.
After the United Kingdom and the United States withdrew their pledge to support the construction of the Aswan Dam, president Gamal Abdel Nasser nationalized the canal, which caused Britain, France and Israel to invade in the week-long Suez War.
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