55:. The Khedive had defaulted on paying back Egypt's foreign debts, which were mostly owned to the British and the French. These governments in turn joined to impose a system of supervision over Egypt's debts. The goal of the commission was to investigate everything regarding Egypt's foreign debts; what Egypt could afford to pay, in what way the taxes were collected, how high the amount of floating debt was, and how that debt had been incurred.
72:. To purchase estates and develop sugar refineries, a loan of £3,387,000 was taken out 190. Half of this loan went towards the purchasing of estates and the other half went to the development of sugar refineries. Another loan contributing to estate purchasing and the development of sugar refineries was taken out in 1867, worth £2,080,000. Further loans were received in 1886, 1870 and 1873 totalling £19.033.000.
63:
During the late 19th century, Egypt undertook several modernization projects for which they required loans from other states. The main sources of the major debt accumulation of Egypt, for which the debt commission was instigated, were the construction of railways, telegraph lines, irrigation systems
127:
The key functions and responsibilities of the Caisse de la Dette
Publique were debt management, debt consolidation and debt restructuring. Debt management was primarily concerned with collecting debt payments and ensuring that the repayments were done on time. Debt consolidation reorganised the
128:
organisation of the scattered debts, its task was to create a unified overview of all outstanding repayments. Debt restructuring entailed negotiating agreements with the creditors involved, these agreements aimed to adjust the terms of debt payments to alleviate financial pressures.
108:"This system was mainly under the control of two countries, France and Britain. This system of 'dual control' represented Europeans direct intervention in Egypt's financial affairs." It was initially led by a secretary and three commissioners representing the governments of
177:(OPDA), which was also administered by European powers and was established around the same time as the Public Debt Commission. The OPDA managed to reduce Ottoman debt by 58 percent, whilst Egypt's total debt burden was only brought back by 2 percent.
75:
In eleven years time Egypt accumulated an estimated debt of £68,000,000. Egypt's floating debt increased as well totalling £20,000,000. The floating debt and nominal debt combined accounted for £94,000,000 which Egypt owed to several states including
84:, amongst others. This major debt caused an additional debt for the Egyptian people with regard to interest that needed to be paid back under the supervision of the public debt commission, this extra debt was estimated around £300,000,000.
68:'s rule several railways were constructed: The Cairo-Aswan railway, Cairo-Alexandria line and the Cairo-Suez line. For the construction of these railways Egypt took out a loan worth £3.000.000, in 1866 from the
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The Public Debt
Commission was abolished by a bilateral agreement between the British and the Egyptian governments, signed on 17 July 1940, due to Allied interest in improving relations with Cairo during the
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Yackley, Joseph. "Bankrupt: Financial
Diplomacy in the Late Nineteenth-Century Middle East." Order No. 3557450, The University of Chicago, 2013.
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146:, a French banker from Paris, were chosen to coordinate the initial task of creating a plan for the Egyptian financial situation.
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In 1875 Isma'il Pasha decided to sell Egypt's shares in the Suez Canal to make up for its foreign debt. The shares were bought by
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of the loans to the
European governments following several modernisation projects including the construction of the
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Yackee, J. W. (2016). "The First
Investor-State Arbitration: The Suez Canal Company v Egypt (1864)".
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124:. One of the commissioners would serve as the president, or chairman, of the commission.
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The 'Dual
Control' over Egypt by France and Britain ended in 1882, when Britain
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The Caisse de la Dette
Publique and the Ottoman Public Debt Administrations
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Bankrupt: Financial diplomacy in the late nineteenth-century Middle East
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During the 1870s, Egypt was still nominally under the suzerainty of the
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40:) was an international commission established by a decree issued by
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173:. The Caisse de la Dette Publique in Egypt was comparable to the
41:
439:
Cleveland, W. (2016). Cleveland, William L.; Bunton, M. (eds.).
308:. United Kingdom: Cambridge University Press. pp. 368–462.
306:
The Golden Age of
Resource-Based Development (from 1870 to 1914)
252:
Ottoman
Diplomacy: Abdülhamid II and the Great Powers, 1878-1888
479:"The Egyptian Question and British Foreign Policy, 1892-1894"
465:
State
Insolvency and Foreign Bondholders: General Principles
467:. Vol. 1, New Haven: Yale University Press, 1951. p. 293.
525:"The Ottoman Response to the Egyptian Crisis of 1881-82"
265:
Saturday Review of Politics, Literature, Science and Art
443:(6 ed.). Boulder, CO: Westview Press. p. 91.
35:
403:. London: Royal Institute of International Affairs.
254:, 87-100. Piscataway, NJ, USA: Gorgias Press, 2011.
96:on the instruction of the British prime minister
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529:The Ottomans, the Turks and World Power Politics
364:O'Connor, D. (2006). "The Suez Crisis 1876-82".
100:. The sale achieved a price of £4,075,996.13.7.
103:
250:Yasamee, F.A.K.. "VI. The Egyptian Crisis" In
64:and the construction of the Suez Canal. Under
47:on 2 May 1876 to supervise the payment by the
116:; from 1877 the United Kingdom and from 1885
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591:Text of the Anglo-Egyptian agreement of 1940
531:, Gorgias Press, pp. 9–34, 2010-12-31,
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279:The Journal of World Investment & Trade
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415:"The Rothschild Archive Research Forum"
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267:45, no. 1171 (Apr 06, 1878): 416-417.
621:Organizations disestablished in 1940
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340:. progress publishers. p. 190.
338:Modern History of The Arab Countries
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241:. ProQuest Dissertations Publishing.
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441:A history of the modern Middle East
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175:Ottoman Public Debt Administration
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477:Miller, T. B. (March 1960).
214:Moroccan Debt Administration
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104:The system of the commission
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140:Chancellor of the Exchequer
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20:("Public Debt Commission",
18:Caisse de la Dette Publique
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537:10.31826/9781463230029-002
401:Britain and the Suez Canal
59:Historic debt accumulation
378:10.1080/03071840609442023
291:10.1163/22119000-01703003
219:
577:, vol. 202, pp. 98-105.
304:Barbier, E. B. (2010).
263:"EGYPT IN COMMISSION."
419:The Rothschild Archive
336:Lutsky, V. B. (1969).
37:ṣundūq ad-dayn fī-Miṣr
606:19th century in Egypt
399:Watt, D. C. (1956).
237:Yackley, J. (2013).
134:, a Director of the
463:Borchard, Edwin M.
94:Rothschild & Co
70:Anglo-Egyptian bank
49:Egyptian government
26:صندوق الدين في مصر
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611:Suez Canal
600:Categories
552:2023-05-18
347:0714701106
88:Suez Canal
53:Suez Canal
511:154981401
503:0022-2801
424:21 August
386:153827725
181:Abolition
31:romanized
573:Text in
194:See also
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122:Germany
42:Khedive
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142:, and
118:Russia
82:France
22:Arabic
507:S2CID
382:S2CID
220:Notes
114:Italy
541:ISBN
499:ISSN
445:ISBN
426:2023
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120:and
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