Probably it did. It did in the US over that time. Modern farming practices raised yields on some crops from ~20bu per acre to around 200 today.

Perhaps. But to skim over Egypt's economic history - https://en.wikipedia.org/wiki/Economy_of_Egypt#History - their only substantial exports, back in the 1930's, were agricultural products. I'll guess that the British Empire was not generously subsidizing Egypt's food imports then, nor were there millions of free-spending tourists to be paying, nor...

Edit: Okay, perhaps Egypt had replaced many of its wheat fields with cotton fields by the 1930's, and was buying food with the cotton money. The British cotton industry might have loved that...but "massive food imports paid for with a cash crop" is a dangerous strategy to play long-term, or on a national scale. And Egypt threw off the last of the British yoke in the mid-1950's.