The FINANCIAL — Bank of America and Vital Voices have convened a mentoring forum in Sao Paulo, Brazil, which brings together several influential women from the public and private sector who are committed to women’s economic empowerment, according to Bank of America Corporation.
The World Bank recently praised Brazil for reducing its social and economic inequality at a faster rate than almost any other nation, finding that women currently make up approximately 44 percent of the labor force, have principal ownership in 59 percent of Brazil’s firms and are now starting businesses at the same rate as men. However, Brazilian women continue to face personal and professional challenges that have micro- and macroeconomic implications. Women face a persistent wage gap, earning a third less than men – or approximately 64 cents for every dollar men make, according to the World Economic Forum.
The Global Ambassadors Program will address the barriers Brazilian women face in the workforce, while exploring ways to further government initiatives and help companies support women’s integration into senior levels of management. The program will also examine the role women business leaders can play as Brazil prepares to host the 2014 World Cup and the 2016 Summer Olympics – events that represent an unprecedented opportunity to promote women’s economic development at the local and national levels.
“As a dynamic emerging market, Brazil is a prime location for the Global Ambassadors Program to bring together a remarkable group of women who are poised to drive economic growth across the country and the entire continent,” said Candace Browning, head of global research at Bank of America Merrill Lynch and a Global Ambassador. “The mentees represent a range of burgeoning industries and organizations anticipated to grow in importance over the next decade, positioning these emerging leaders well to impact substantial change,” Browning added.
Brazil marks the fifth Global Ambassadors Program mentoring forum, and follows a recent forum in Singapore. When the program launched in 2012, ambassadors visited Haiti, South Africa and India, where they worked with mentees and a growing international network to create platforms that enable emerging women leaders to achieve economic, political and social change in their countries and globally. As a result of the forums that have already taken place, mentees have continued to advance on a path of leadership through government appointments, participation in high-level policy meetings, and planning their own events focused on inspiring future leaders.
“Women are drivers of business and economic growth worldwide, and it’s integral that we invest in their potential and enhance their participation in the economy through mentorship, training and expanded networks to provide critical access to opportunity,” said Alyse Nelson, president and CEO of Vital Voices. “We’re proud to partner on this innovative global program to further our collective goals of strengthening women’s economic empowerment and fostering the next generation of women leaders throughout Brazil,” Nelson added.
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