Suez Crisis Peacekeepers to police the Egyptian–Israeli border, British Prime Minister Anthony Eden resigned, Canadian Minister of External Affairs Lester Pearson won the Nobel Peace Prize, and the USSR may have been emboldened to invade Hungary. The Suez Canal was opened in 1869, after ten years of work financed by the French and Egyptian governments. The canal was operated by the Universal Company of the Suez Maritime Canal, an Egyptian-chartered company; the area surrounding the canal remained sovereign Egyptian territory and the only land-bridge between Africa and Asia. The canal instantly became strategically important, as it provided the shortest ocean link between
Suez Crisis in the wake of the coup saw the country strive for rapprochement throughout 1953 and 1954. Part of this process was the agreement, in 1953, to terminate British rule in Sudan by 1956 in return for Cairo's abandoning of its claim to suzerainty over the Nile Valley region. In October 1954, Britain and Egypt concluded an agreement on the phased evacuation of British troops from the Suez base, the terms of which agreed to withdrawal of all troops within 20 months, maintenance of the base to be continued, and for Britain to hold the right to return for seven years.