European creditors, however, will not allow Egypt…

European creditors, however, will not allow Egypt time.

When Ismail suspends payment of interest on the loans in 1875, his creditors in Britain and France appoint two men to represent their interests and negotiate new arrangements with the khedive.

The Goschen-Joubert Mission achieves three things: the consolidation of the debt; the appointment of two European controllers, one British and one French; and the establishment of the Caisse de la Dette Publique, a special department with representatives from the various European creditor states to ensure the service of the debt.

Revenue from the most productive provinces goes straight to the department, and by 1877 more than sixty percent of all Egyptian revenue will go to service the national debt.