Nationalization of the Suez Canal Any transfer of ownership from the French government to the Egyptian government in return for compensation granted to foreigners.

This was done during the reign of Egyptian President Gamal Abdel Nasser on July 26, 1956. Due to the World Bank's refusal to finance the Egyptian government to build the High Dam. The nationalization of the Suez Canal was the cause of the triple aggression by Britain, France and Israel against Egypt.