Nationalisation of the Suez Canal

[ComradeChe]

History attests the fact that the Egyptian man was the first to dig an artificial canal across land; Senosert III, one of the Ancient Egyptian kings, linked the Mediterranean Sea with the Red Sea through the River Nile and its branches in 1874 BC, which lasted throughout the second half of the 8th Century AD.

Thus, Egypt, as usual, set up the corner stone of interaction among civilisations and facilitated trade exchange between East and West 4000 years ago. In Modern Age, Ferdinand De Lisseps obtained a concession to dig the Suez Canal and establish an international company for its management. Works started on April 25, 1859 and lasted more than 10 years, during that period of time 20 thousand Egyptians had to participate monthly under severe oppression and harsh conditions during the foreign rule.

The Canal was officially inaugurated on November 17, 1869 in an international ceremony attended by European kings and princes. Owing to its strategic significance, colonial countries sought to take charge of it. The Egyptian people kept combating them till the Revolution of July 23, 1952 that aimed at driving Egypt in the path of development and civilisation. Hence, it became essential to build the High Dam.

Yielding to the American attitude, the International Bank for Reconstruction and Development (IBRD) withheld its offer to finance the project. Eventually, the International Company of the Suez Canal did not stick to its commitments to Egypt whose share in the Canal's profits had decreased.

On July 26, 1956, Late President Gamal Abdul Nasser declared the nationalisation of the Suez Canal Company. This decision was a turning point, as the colonial countries rejected such decision, freezing Egypt's funds in European banks while the foreign pilots retreated from running the Canal affairs.



Matters became worse as UK, France and Israel triggered the Tripartite Aggression on October 29, 1956, in a bid to force Egypt to relinquish its stance, giving them enough room to occupy the Suez Canal and Sinai and to abort Egypt's call on developing countries to rebel against colonisation. Owing to the Tripartite Aggression, the Canal was closed, thus oil was no more pumped to Europe through the Canal . Besides, gold reserves and hard currency of European countries decreased. Prices of goods raised due to the delay of shipments and imported raw materials from the East.

"Times" newspaper evaluated Britain's loss LE 150 million, but for Egypt, it was more aggravated as the loss was 5000 Egyptian and a financial loss that hit LE 450 million after destroying Port Said and the Canal's utilities. The Tripartite Aggression resulted also in sinking 63 ships and marine units and the detention of 16 ships.

Yet, these colonial countries were obliged to withdraw on December 23 1956, yielding to UN resolutions and the world frustration.

As a result, the Suez Canal became full Egyptian and the High Dam was built. Al Gala'a (Evacuation) Treaty with Britain was concluded on October 31, 1956.

The sense of independence had grown stronger. Iden, the British Prime Minister, Gei Moliere the French President, were overthrown then De Gaulle took over and set the French fifth republic. This coincided with the emergence of new deriving forces: USSR and USA. Following the Tripartite Aggression, the Canal was cleaned and opened for navigation on April 10, 1957. It was re-closed after the Israeli Aggression on June, 5, 1967.

Throughout 8 years, the world lost about $ 14 billion and the international trade movement deteriorated. On June 5, 1975 after the October War, Late President Anwar Sadat reopened the Canal for international navigation. Then projects of developing the Canal succeeded, so that the draught reached 68m and work is underway to make it 73m. This resulted in flourishing the trade exchange where about 17500 ships with a cargo of about 400 million tons transit the Canal per year. The revenues reached $ 2 billion. The Canal saves from 19% to 60% in distance and from 25% to 50% of fuel for ships during their navigation around Africa.

Thus, nationalisation of the Suez Canal is a real historic event worthy of pride.

[ComradeChe]

[Bandalong]

Egypt was definitely within its rights to take back the Suez canal which was being held by British Imperialists.