Khedive Ismail was the ruler of Egypt in the 19th century, and he had a grand vision to modernize the country, hoping to make it part of Europe. His ambitious projects included developing infrastructure, such as building railways and the Suez Canal, as well as modernizing the economy, military, and education system.
However, these ambitious plans required a lot of money. To finance his projects, Khedive Ismail borrowed heavily from European banks. As a result, Egypt accumulated massive debt. His efforts to transform Egypt were far more expensive than the country could afford. This financial strain eventually led to a situation where Egypt was unable to pay back its loans.
The inability to repay these loans gave European powers, particularly Britain and France, control over Egyptian finances. They began to dictate Egyptian economic policies to ensure the repayment of their loans. Eventually, this led to a significant loss of Egyptian sovereignty, and in 1879, Khedive Ismail was deposed by pressures from these European powers.
In summary, Khedive Ismail's modernization projects resulted in massive debt and eventual control by European powers, rather than making Egypt an independent economic powerhouse or leading to the full industrialization or unification of the Arab world. The consequences were long-lasting, leaving Egypt under foreign financial control and influence.