Bangalore: The Asian Development Bank (ADB) announced that its lending rates will go up by 0.1 percent from July 1 for all sovereign borrowers to 0.3 percent over the Libor, an international reference rate for banks, reports PTI. The bank said that loan charges will be revised "on new Libor-based loans and local currency loans to sovereign borrowers or borrowers with sovereign guarantees negotiated, on, or after, July 1, 2010". Under the new loan pricing structure, the effective "contractual spread" will be adjusted to 0.4 percent per annum from July 2011, from the current charge of 0.2 percent. The adjustment is likely to be phased in over 2010 and 2011, with the new sovereign loans negotiated from July 1, 2010 to June 30, 2011, carrying an effective contractual spread of 0.3 percent per annum, and those negotiated, on, or after, July 1, 2011 carrying an effective contractual spread of 0.4 percent per annum. Talking to PTI, the ADB spokesperson for India said that during 2009, seven loans amounting to $1.5 billion were approved for the country. For 2010, the projected loan size for India is $1.67 billion. He also said that the loans negotiated by up to June 30, 2010 will not be impacted by the hike.