Nasser Nationalizes Suez Canal

Date: July 26, 1956 • Location: Aswan, Egypt

This milestone marked the outbreak and beginning of this historic period, which spanned 1956–1956.

Following the World Bank's refusal to fund building the Aswan Dam, Egyptian leader Gamal Abdel Nasser nationalizes the Suez Canal, sparking international condemnation.

The World Bank Group (WBG) is a family of five international organizations that make leveraged loans to developing countries. The group is the largest development bank in the world. It is headquartered in Washington, D.C., United States. The bank's stated mission is to achieve the twin goals of ending extreme poverty and building shared prosperity. Historically, within the group, the IBRD and IDA were collectively known as the World Bank due to their emphasis on global lending.