The Carioca Fund was proposed by BrazilFoundation’s President, Leona Forman, on December 10, 2009, at Rio de Janeiro’s City Council, during a ceremony in which she was granted the title of Honorary Citizenship of Rio. The Carioca Fund aims to aggregate the interest and resources of individuals and corporations in Rio de Janeiro, to receive and disperse funds for education, skills training and market access for Rio’s marginalized youth.
A January 15, 2010 brainstorming session on the Carioca Fund gathered about 20 representatives from the government, non-profit sector, private sector, and academia, to discuss in detail the concept of the Carioca Fund.
The Fund’s priorities include the provision of at-risk youth with opportunities for completing high school education, and for development of access to technical and professional skill training institutions and preparation to compete in the region’s growing job market. The Carioca Fund will support the best efforts of non-profit organizations working in underprivileged communities as well as engage corporations that will be creating jobs in the coming years leading to 2016 Olympic Games to be hosted by the City.
The Carioca Fund will be managed in a transparent way, independent of the government, political parties and religious organizations. The Fund will be overseen by a Board of Advisors selected for their expertise in education, vocational education, youth programs and financial management. With sustainability in mind, the Carioca Fund will seek to support public policies, with the goal of increasing their impact.
Leona believes that this is a unique and historical moment for Rio de Janeiro– with projected revenues from offshore oil and gas, and investments that will start flowing to build the cities infra-structure as it prepares for the 2011 Military Games, the 2014 World Cup and the 2016 Olympics. Rio will be the center of attention in Brazil and the world; the inclusion of its excluded youth as productive citizens is an absolute priority.
National and international investments in Rio’s basic infrastructure (ports, airports, subway system); sports stadiums and tourism; hotels and restaurants; security and health services are already coming in. There are six years ahead to make a difference in the lives of the at-risk youth and their communities and to leave a lasting legacy of social inclusion in Rio de Janeiro. The Carioca Fund is catalyzing resources of efforts on the ground that focus directly on the education and skills building of youth who search for and need opportunities to work and become a part of the productive life of the City. This is an opportunity that can’t be missed.
The Carioca Fund will be set up under the auspices of BrazilFoundation, an established OSCIP (civil society organization of public interest)- with the ability to offer fiscal incentives to donor companies in Brazil. The Fund will also count on BrazilFoundation’s nonprofit status under Section 501(c) 3 of the US Tax Code, providing tax incentives to individual and corporate donors in the United States.
