Why did the United States and Britain withdraw funding for the Aswan High Dam?

The United States and Britain withdrew their funding for the Aswan High Dam in response to Gamal Abdel Nasser’s growing political and military ties with communist Czechoslovakia and the Soviet Union.1

This decision served as a primary catalyst for the Suez Crisis, as Nasser responded to the withdrawal of financial support by nationalizing the Suez Canal, which was then largely owned by British and French interests.12