The Role of Financial Institutions in Promoting Sustainable Development in Babylon Governorate, Iraq

Abstract

This research focuses on the role of financial institutions in promoting sustainable economic development in the current era that is witnessing various environmental, economic and social challenges. The research aims to study the impact of financial innovations, sustainable finance, and financial education in supporting sustainable development. The research used a sample of 48 employees working in financial institutions operating in Babylon Governorate. In order to achieve this goal, descriptive and analytical approaches were utilized to analysis the research model and hypotheses, to explore and understand the logical relationships between the research variables using the SPSS program to measure the impact of the dimensions of financial institutions (financial innovations, sustainable finance, and financial education) in sustainable economic development. The research found that there is a significant impact of the dimensions of financial institutions (financial innovations, sustainable finance, and financial education) on sustainable development. It also concluded that financial institutions have a vital role in accomplishing sustainable development by enhancing investment in infrastructure by supporting projects that can improve economic growth and achieve sustainable development. The research also recommends the need to pay attention to the dimensions of financial institutions (financial innovations, sustainable finance, and financial education) because of their major role in achieving sustainable economic development.