The UN's Food and Agriculture Organization said the funds would be invested in projects to help farmers raise production in 48 countries, including former Soviet republics Armenia and Kyrgyzstan.
Food prices have soared following poor harvests, fuel price hikes, and a reduction in agricultural output in favor of biofuels, sending inflation soaring in the developing world.
Russian President Dmitry Medvedev said at the G8 summit in Japan on Wednesday that Russia will increase agricultural production to help tackle the global food crisis.
"Our country's long-term contribution to solving this problem will be to substantially increase agricultural production and food supplies, both domestically and to world markets," he said.
He also proposed holding a 'grain summit' to discuss policy and pricing.
