Ottoman viceroy in egypt, khedive ismail, was borrowing money liberally to enhance his own prestige and power in a bid to make egypt a modern world power. what was the eventual consequence of his inability to pay it back?

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Xzavier

History

24 June, 23:55

Ottoman viceroy in egypt, khedive ismail, was borrowing money liberally to enhance his own prestige and power in a bid to make egypt a modern world power. what was the eventual consequence of his inability to pay it back?

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Darrell Gillespie · Answer 1

Khedive Ismail was a ruler of Egypt and Sudan from 1863 to 1879. He oversaw the building of the Suez Canal, working with the French and the British. Ismail borrowed lots of money to finance the canal, along with his wars. Of course, Ismail borrowed from the Brits and the French, and borrowed more to liquidate his earlier loans. When Ismail cannot raise enough funds to pay, he sold Suez Canal company shares to the Europeans, losing control over the Suez Canal that brought Egypt under the powers of the British and the French.