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
East of Suez Hong Kong, North Borneo, Sarawak) and Australia. The fall of Singapore to the Japanese on 15 February 1942 damaged the empire as it lost a strategic imperial outpost and laid the seeds of the collapse of British imperial power, post World War II. Then, with Indian independence in 1947, there was a gradual draw-down of the military presence “East of Suez”, marking the collapse of the empire. The Suez Crisis—a diplomatic and military confrontation in November 1956, caused by the nationalization of Suez Canal by Egyptian President Gamal Abdel Nasser—ended in Egypt taking full control of the canal. The economic