The Asian Development Bank (ADB) has warned that the crisis of rising food prices could reverse gains made in reducing poverty across the continent, the BBC reported.
Bank president Haruhiko Kuroda warned at its annual meeting in Madrid that "the cheap food era may be over".
Donor countries have pledged more than $11bn (?5.5bn) to a fund to ease the hardship of Asia's poorest people.
Meanwhile the African Development Bank has pledged an extra $1bn for its loans portfolio to tackle the food crisis.
The BBC's Alan Johnston says that food prices are the key issue on the minds of the thousands of government officials and business figures who have gathered in Madrid.
ADB president Mr Kuroda said it was critically important to provide financing for development projects in rural Asian areas.
He said that progress made in the great effort to lift millions out of poverty could be reversed.
The rising cost of food is helping to fuel inflation, which the bank predicts will rise to more than 5% across Asia this year - the highest level since the Asian financial crisis a decade ago.
The cost of the benchmark Thai variety of rice is about $1,000 a tonne, three times the cost at the time of the bank's last meeting a year ago.
Poor harvests, global warming, increasing demand and the transfer of food land to biofuel production have all been blamed as factors in the crisis.
Major rice producers like Vietnam and India are limiting exports to secure domestic supply.
Asia has two-thirds of the world's poor, with about 1.7 billion people earning $2 a day or lower.
Meanwhile, the African Development Bank said it would increase its $3.8bn agricultural loan portfolio by $1bn to tackle the crisis.
Bank president Donald Kaberuka said it would also restructure its lending to allow rapid disbursement of $250m.
Last month, UN Secretary General Ban Ki-moon announced a high-level task force to deal with the global food crisis.
Its first priority, Mr Ban said, was to close a $755m funding gap for the UN's World Food Programme (WFP), caused by the rising cost of food aid.
Mr Ban warned of "widespread hunger, malnutrition and social unrest on an unprecedented scale" because of soaring food prices.
The WFP believes 100 million people are currently going short of food.