Manila: The Asian Development Bank said Wednesday that it was allocating $500 million to tackle skyrocketing food costs in the region.

The Manila-based bank also pledged to double lending to $2 billion for agriculture in 2009.

President Haruhiko Kuroda announced the financial support during the bank's annual meeting in Madrid.

"The situation demands early responses by governments with targeted programmes that provide direct assistance to the poorest and most vulnerable as well as policy measures that support open trade and distribution of basic commodities across the region," Kuroda said.

In 2008, the bank is planning to lend $1 billion to the agricultural sector and would double that in 2009.

In addition, the bank plans to provide up to $500 million for the hardest-hit countries in the Asia-Pacific for safety nets to protect the poor and vulnerable in the face of rising food prices.