STAMFORD, Conn. – Philip Morris International (NYSE: NYSE:) announced a partnership with the Women's Business Development Council (WBDC) to support the economic advancement of women in Connecticut. The tobacco giant will invest $5 million over five years into WBDC's Women's Economic Empowerment Initiative (WEEI) starting January 2025.
The initiative aims to remove barriers to women's full participation in the state's entrepreneurial ecosystem. This investment aligns with PMI's commitment to gender equality and economic growth in the communities in which it operates. PMI's gift will fund education, training, resources and access to capital for Connecticut-based women, strengthening their economic independence.
WBDC has a 27-year history of supporting women in business and has helped more than 18,900 clients launch more than 14,170 businesses and create more than 31,400 jobs. The organization has helped provide access to more than $57 million in funding. PMI funding is expected to expand the reach and impact of WBDC's services and support the growth of women's entrepreneurship in the state.
The partnership announcement, held at PMI's Stamford headquarters, was attended by prominent local and state officials, including Connecticut Governor Ned Lamont and U.S. Congressman Jim Hymes. Officials praised the initiative for its potential to strengthen economic independence and contribute to Connecticut's reputation as a positive environment for women in the workforce.
To date, PMI has demonstrated its commitment to gender equality by becoming the first multinational company to receive the Global Equal Pay Certification. The company encourages other companies to support efforts to empower women economically.
The press release also highlighted PMI's extensive commitment to a smoke-free future, including significant investments in smoking cessation products and the acquisition of Swedish Match, a leader in oral nicotine delivery. PMI's smoke-free brands, IQOS and ZYN, have received modified risk tobacco product clearance from the U.S. Food and Drug Administration.
The partnership, as stated in the press release, reflects PMI's continued strategy to actively contribute to the communities in which it operates, with a focus on supporting women entrepreneurs and economic equality.
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