ABSTRACT
There has been considerable reorientation in Egyptian life. The factors which led to the Political Revolution of 1919–22 have had their counterpart in the industrial and economic spheres. A less spectacular and perhaps a more appropriate description is summed up in “renaissance,” denoting that rapid transformation of the spirit of the nation from comparative apathy, timid indecision and hopeless irresponsibility into energetic activity, risk-bearing enterprise and confident anticipation. The new developments have taken two distinct courses, the one associated mainly with the schemes of Banque Misr and the other with those of the Government. The establishment of Banque Misr on 3rd April 1920 heralded first practical movement initiated by Egyptian citizens for attainment of an advanced national status. The policy of the bank may be further justified on the ground that new undertakings are necessary for national economic development. It was pointed out that the few large concerns formed in Egypt were exclusively the results of foreign enterprise and capital.
