Hyderabad, Aug 15 : Telangana Chief Minister Revanth Reddy on Thursday said the state government held talks with World Bank representatives for financial assistance with low interest rates for the state's development.

CM Revanth Reddy, who returned on Wednesday from a 10-day visit to the US and South Korea, said he and other members of the Telangana government delegation met the World Bank President during the visit to the US.

'I am delighted to announce that talks with the World Bank representatives were held in a cordial manner in extending financial assistance with low interest rate for state development,' CM Revanth Reddy said during his speech on Independence Day after hoisting the national flag at the historic Golconda Fort here.

Targeting the Bharat Rashtra Samithi (BRS) for adding a debt burden on the state by 10 times during its 10-year rule, CM Revanth Reddy said his government was making efforts to restructure the state's debts.

CM Revanth Reddy assured people that his government would not commit the mistake of borrowing funds with higher interest rates and put a heavy burden on the people.

CM Revanth Reddy said the state's economy was in complete ruins when his government assumed power and now they were working to shore it up.

The total state debt at the time of formation of Telangana was Rs 75,577 crore and it increased to Rs 7 lakh crore in December last year.

'Despite facing financial hurdles, the government is making all out efforts to fulfill the promises of Abhayahastham with a commitment of bringing happiness in every family,' CM Revanth Reddy said.

Asserting that the visit to the US and South Korea was fruitful, CM Revanth Reddy said they held talks with 10 most popular global companies.

'The government entered agreements for Rs 31,532 crore investments in Telangana. The MoUs with global companies will create 30,000 job opportunities,' he said.

CM Revanth Reddy said he and Industry Minister D. Sridhar Babu visited the US to promote Telangana as the 'Gateway of the world' and to project the Telangana brand on the world platform.

'We held meetings with global investors and multinational company representatives and explained investment prospects in Telangana. We projected Telangana as a 'Future State' and explained the initiatives - Fourth City, Musi Riverfront Development project, Regional Ring Road, international standard civic infrastructure, Metro Rail expansion, etc,' CM Revanth Reddy said.

CM Revanth Reddy recalled that the state government had entered MoUs with companies for Rs. 40,000 crore investments in Telangana at Davos early this year.

The government has already started an action plan to execute the agreements.

CM Revanth Reddy claimed that the Congress party granted statehood to Telangana in 2014 to fulfill the aspirations of Telangana people as per the promise made by senior Congress leader Sonia Gandhi.

He stated that after a decade of the formation of Telangana state, a people's government was formed in the state in tune with the aspirations of four crore Telangana people, sacrifices of youth and students' struggle.

'The Telangana State was actually liberated on December 3, 2023. The government was elected by the people and for the people. For the first time, the state is witnessing a democratic government,' CM Revanth Reddy added.

/IANS