PMI Invests $5M in WBDC Economic Initiative

Philip Morris International will invest $5 million in the Women’s Business Development Council over the next five years. 

Company officials said the investment is part of an extended partnership to support women’s empowerment. 

WBDC CEO Fran Pastore said the funds will help WBDC maintain the services the organization provides for entrepreneurs. 

“This investment from PMI will enable us to continue the critical work we do to support economic independence through entrepreneurship for women in Connecticut,” she said at a March 5 press conference. 

Empowerment

PMI U.S. will provide $1 million initial funding in January 2025 as part of a Women’s Economic Empowerment Initiative managed by WBDC. 

The company will continue to provide $1 million towards the project for five consecutive years.

“Philip Morris International is committed to making a positive impact throughout Connecticut communities and beyond,” said PMI Americas Region president and U.S. CEO Stacey Kennedy.

“We encourage other companies to join in the initiative to empower females across the state.”

Track Record

Kennedy said the company chose to invest with WBDC because of the organization’s 27-year track record for leading women’s empowerment efforts in the state. 

“We are pleased that PMI has trusted us to use these funds to continue to help women access capital, education, and resources to support themselves and fuel employment within our state,” Pastore said. 

Kudos to @InsidePMI for a record contribution to @CTWBDC, which PMI's Stacey Kennedy said will support a new program, the Women’s Economic Empowerment Initiative. WBDC CEO @francinepastore said the nonprofit "will continue to invest it in the community." https://t.co/QeitakMB5H

— Chris DiPentima (@ChrisDipentima) March 5, 2024

PMI has made economic equality a priority across the company’s divisions.

The Equal-Salary Foundation awarded PMI a global equal-salary certification for its policies and practices that ensure they pay their employees equally for equal work. 

“We believe supporting female empowerment and ensuring economic equality is paramount for our collective economic growth,” Kennedy said.