Federal Minister for Housing and Planning Syed Safwanullah has said that House Building Finance Corporation (HBFC) has played a key role in promotion of construction industry in the country during the last half century and stressed the need for further strengthening of this organisation.
He was addressing as chief guest at oath taking ceremony of HBFC Workmen Union of Pakistan and annual dinner held here on Saturday night.
Safwanullah said that the objective of establishment of HBFC was to provide housing facilities to the people of average and low income groups.
"HBFC is not only a financial institute but also a welfare organisation which supports the people belonging to average and low income groups," he remarked and stressed that those taking loans should also demonstrate a sense of responsibility in repaying the same so that more loans could be extended to the ones in need for building their houses.
Referring to HBFC's unpaid loans of Rs 12 billion, he said if people repay this amount, the same would be used for provision of housing facilities to more people besides it will also generate employment opportunities.
The federal minister pointed out that more than 40 industries are attached with construction related activities and therefore when a construction project is started, employment opportunities are created for people associated with all these industries. Earlier, Chairman HBFC, Zaigham Mehmood Rizvi in his address shed light on the performance of the organisation.
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