Distribution of ownership documents to borrowers of House Building Finance Company Limited in 2005 earthquake hit area in Presidency

Distribution of ownership documents to borrowers of House Building Finance Company Limited in 2005 earthquake hit area in Presidency

Islamabad: A special ceremony was held in the Presidency today to distribute ownership documents to the borrowers of HBFCL ((House Building Finance Company Limited) of the earthquake hit areas.

The ceremony was attended among others by Dr. Abdul Hafeez Sheikh, Federal Minister for Finance, President AJK Sardar Muhammad Yaqoob Khan and members of AJK cabinet.

Dr. Abdul Hafeez Sheikh, Federal Minister for Finance distributed title/ownership documents among the borrowers of HBFCL.

Later during his remarks, the Finance Minister thanking the President and the Prime Minister for their support and especial concern for providing relief and the rehabilitation of the earthquake affected people said that that October 8, 2005 was a tragic day in Pakistan’s calendar as on this very day a devastating earthquake of unparalleled catastrophe wreaked havoc in AJK and northern areas of Pakistan. He said that the devastation was widespread and Muzaffarabad, Bagh, Mansehra and Balakot were declared calamity hit areas.

The Finance Minister said that for the rehabilitating the affected people, the Government took a number of initiatives. He said that a survey team concluded that the houses financed by the House Building Finance Company Limited were substantially damaged or completely destroyed, making them totally uninhabitable in Bagh, Balakot, Muzzaffarabad and Mansehra districts. Considering the level of devastation and hardship caused by the earthquake, the recovery of HBFCL loans was suspended.

The Finance Minister said that in order to write-off the loans, an amount of Rs. 916 million outstanding against 5214 borrowers of HBFCL was claimed from the Government. He said that it was entirely to the credit of the present Government that it approved the claims and processed them speedily, thereby benefiting over 5000 families who had lost everything in the earthquake.

On this occasion, the Finance Minister, on behalf of the President congratulated all involved in this process and especially those who have benefited from this substantial social intervention of the present Government.

The Finance Minister said that all the pro-people and people’s welfare oriented measures were a manifestation of conscious efforts by the leadership of President Asif Ali Zardari and Prime Minister Syed Yousaf Raza Gilani to restore to the poor classes their dignity and their rights.

President AJK Muhammad Yaqoob Khan, speaking on the occasion thanked President Asif Ali Zardari and Prime Minister Syed Yousaf Raza Gilani for providing great relief to the earthquake victims. He also called upon HBFCL to continue providing assistance to the other affectees of these areas so that they are able to achieve economic viability.

For more information, contact:
Haji Ahmed Malik
Principal Information Officer
Press Information Department (PID)
Tel: +9251 925 2323 and +9251 925 2324
Fax: +9251 925 2325 and +9251 925 2326
Email: piopid@gmail.com

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