WORLD HISTORY

Detailed explanation-1: -After World War II, Egypt pressed for evacuation of British troops from the Suez Canal Zone, and in July 1956 President Nasser nationalized the canal, hoping to charge tolls that would pay for construction of a massive dam on the Nile River.

Detailed explanation-2: -Supported by Soviet arms and money, and furious with the United States for reneging on a promise to provide funds for construction of the Aswan Dam on the Nile River, Nasser ordered the Suez Canal seized and nationalized, arguing tolls from the ships passing through the canal would pay for the Aswan Dam.

Detailed explanation-3: -On July 26, 1956, Egyptian President Gamal Abdel Nasser announced the nationalization of the Suez Canal Company, the joint British-French enterprise which had owned and operated the Suez Canal since its construction in 1869.

Detailed explanation-4: -On 26 July 1956, Nasser nationalised the Suez Canal Company, which prior to that was owned primarily by British and French shareholders. On 29 October, Israel invaded the Egyptian Sinai. Britain and France issued a joint ultimatum to cease fire, which was ignored.