The actor's J/P Haitian Relief Organisation was founded in 2010 after a massive earthquake left thousands dead and displaced many others.
Penn's group will use the money to help more than 500 Haitians return home by repairing or rebuilding damaged houses, reports The AP.
The World Bank made the grant as part of its work with the Haiti Reconstruction Fund, which aims to help 500,000 displaced Haitians to get back on their feet.
Penn has been one of the most vocal advocates for increased aid to Haiti since last year's earthquake.
In January, Penn claimed that he'll spend the rest of his life trying to help the Haitian people recover.
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Watch Sean Penn discuss his Haitian relief charity work below: