When the Brazilian economy entered a new development cycle in 2007, the Brazilian Economic and Social Development Bank (BNDES) played a fundamental role in stimulating the expansion of industry and infrastructure in the country. By balancing the objectives of expanding disbursements and of maintaining financial sustainability, BNDES achieved a default rate of less than 1 percent. Since 2007, BNDES has created an average of 4.2 million jobs a year, increased disbursements on innovation projects from $144 million USD to $3.2 billion USD in 2013, and grew the number of small and mid-sized businesses they support by over six-fold.