- Malian parliamentarians have overwhelmingly adopted a bill that seeks to privatise the nation's cotton sector company.
The privatisation of Malian Textile Development Company, which was supported by 117 lawmakers, was in tandem with the World Bank's demands that the government ensures that the bill is enacted "not later than the end of July 2008." Twenty parliamentarians opposed the bill while five abstained from voting.
The outfit will be replaced by four new companies, and as such, the state's 92.38% shares will be reduced to 7.6%. Geo-cotton will get 17% of the shares while the remaining capital of each of the four new companies in the offing will be apportioned between a strategic take-over with 61% of shares. Producers and workers will respectively hold 20% and 2% shares.
Malian government said the reform aimed to help increase cotton production, managing and sustaining the industry. Deputies on the ruling bench believed the privatisation law will reverse the steady decline of production and chronic deficit in the multi-million dollar industry.
Opposition deputies voted against the bill, arguing that the new companies expected to be established at the year end will not be economically and financially viable.
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