The World Bank approved loans and grants for the country as it fights against a Russian invasion.
In the coming months, the bank is working on another $3 billion package of support for the country.
It promised to help countries that are taking in more than 1.7m refugees, which are mostly women, children and the elderly.
A $100m pledge from the UK is included in the financial package.
David Malpass, the president of the World Bank Group, said in a statement that the bank is taking quick action to support the people of Ukraine.
The funds will help the government provide critical services, including wages for hospital workers, pensions for the elderly and social programmes for the vulnerable.
A $350m loan is augmented by $139m through guarantees from the Netherlands and Sweden.
It is made up of $134m in grants from Britain and other countries, as well as $100m of financing from Japan.
The war was a catastrophe for the world and will cut global economic growth, according to Mr Malpass.
He said that the war in Ukraine was bad for the world because inflation was already rising.
He said that his biggest concern was about the pure human loss of lives.
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