thermined to balance superpowers, he asked united states to finance the aswan high dam project, which would help land cultivation and the land necessary for industrialization. when egypt recognized the communist people's republic of china in lieu of the pro-western party, nasser nationalized the suez canal company. nasser the picture of being cheered after the nationalization of the suez canal. ofpite their common fear nasser's growing influence, the western powers were divided in their response. britain and france responded as old-style imperialist powers and were determined to overthrow him. they initiated lance for a military attack and enlisted the support -- they initiated the plans for a military attack and enlisted support. the united states, in contrast, so the conflict as one rooted in the cold war. the refusal of western powers to embark on programs of decolonization played into soviet hands. moreover, any threat to egypt with strained relations with arab countries and jeopardize american access to oil. as long as egypt agreed to pay for the suez canal, and to permit interna