Capital at Risk Notes Prospectus Supplement dated September 24, 2021
(To Prospectus dated September 24, 2021)

INTERNATIONAL BANK FOR
RECONSTRUCTION AND DEVELOPMENT
CAPITAL AT RISK NOTESThis Prospectus Supplement (this “Supplement”) relates to Capital at Risk Notes (“Capital at Risk Notes”) of International
Bank for Reconstruction and Development (“IBRD”). You should read it together with the Prospectus, dated September 24,
2021 (the “Prospectus”), relating to the Global Debt Issuance Facility of IBRD (the “Facility”) and the applicable Final Terms
for the Capital at Risk Notes.
Investing in the Capital at Risk Notes involves significant risks, including the risk of loss of some or all of yourinvestment. The security ratings of the Facility will not apply to the Capital at Risk Notes. Capital at Risk Notes may
not be assigned any security rating or may be assigned a lower security rating than the Facility. See “Risk Factors”
beginning on page S-3 of this Supplement and “Risk Factors” beginning on page 11 of the accompanying Prospectus.
IBRD will specify the terms of each Capital at Risk Note in the applicable Final Terms.
This Supplement highlights information contained elsewhere in the Prospectus and the applicable Final Terms for the Capitalat Risk Notes. It does not contain all of the information you should consider before investing in the Capital at Risk Notes.
You should also read the more detailed information in the Prospectus and the applicable Final Terms.
THE CAPITAL AT RISK NOTES ARE NOT REQUIRED TO BE REGISTERED UNDER THE U.S. SECURITIESACT OF 1933, AS AMENDED. ACCORDINGLY, NO REGISTRATION STATEMENT HAS BEEN FILED WITHTHE U.S. SECURITIES AND EXCHANGE COMMISSION (THE “SEC”). THE CAPITAL AT RISK NOTESHAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SEC OR ANY STATE SECURITIES COMMISSIONNOR HAS THE SEC OR ANY STATE SECURITIES COMMISSION PASSED UPON THE ACCURACY ORADEQUACY OF THIS SUPPLEMENT OR THE ACCOMPANYING PROSPECTUS. ANY REPRESENTATIONTO THE CONTRARY IS A CRIMINAL OFFENSE IN THE UNITED STATES.

ABOUT THIS SUPPLEMENTThis Supplement provides certain details regarding the issuance of Capital at Risk Notes by IBRD under the Facility.
This Supplement supplements the Prospectus and all documents incorporated by reference therein, and should be read inconjunction with the Prospectus and such incorporated documents. Unless otherwise defined in this Supplement, terms usedherein have the same meaning as in the Prospectus. To the extent that any statements made in this Supplement regarding theCapital at Risk Notes are different (whether expressly, by implication or otherwise) from any statements made in theProspectus regarding Notes under the Facility generally, such statements made in the Prospectus shall, for purposes of theCapital at Risk Notes, be deemed to be modified or superseded by the statements made herein.
For further information and to find out how you can obtain copies of the documents incorporated by reference in theProspectus, please read the section entitled “Availability of Information and Incorporation by Reference” beginning on page
1 of the Prospectus. This Supplement does not constitute, and may not be used for the purposes of, an offer or solicitation byanyone in any jurisdiction in which such offer or solicitation is not authorized or to any person to whom it is unlawful tomake such offer or solicitation, and no action is being taken to permit an offering of the Capital at Risk Notes or thedistribution of this Supplement in any jurisdiction where such action is required.
THE DISTRIBUTION OF THIS SUPPLEMENT AND THE PROSPECTUS AND ANY APPLICABLE FINALTERMS AND THE OFFERING OR SALE OF THE CAPITAL AT RISK NOTES IN CERTAIN JURISDICTIONSMAY BE RESTRICTED BY LAW. PERSONS INTOWHOSE POSSESSION THIS SUPPLEMENT AND THEPROSPECTUS AND ANY APPLICABLE FINAL TERMSCOMES ARE REQUIRED BY IBRD AND ANYDEALER TO INFORM THEMSELVES ABOUT AND TO OBSERVE ANY SUCH RESTRICTIONS. FOR ADESCRIPTION OF CERTAIN RESTRICTIONS ON OFFERS AND SALES OF CAPITAL AT RISK NOTES ANDON DISTRIBUTION OF THIS SUPPLEMENT, THE PROSPECTUS AND ANY APPLICABLE FINAL TERMS,SEE “PLAN OF DISTRIBUTION” IN THE PROSPECTUS.
THE CAPITAL AT RISK NOTES ARE NOT OBLIGATIONS OF ANY GOVERNMENT.
AN INVESTMENT IN THE CAPITAL AT RISK NOTES ENTAILS CERTAIN RISKS, INCLUDING THE RISKOF LOSS OF SOME OR ALL OF YOUR INVESTMENT. INVESTORS SHOULD HAVE SUFFICIENTKNOWLEDGE AND EXPERIENCE IN FINANCIAL AND BUSINESS MATTERS TO EVALUATE THE MERITSAND RISKS OF INVESTING IN CAPITAL AT RISK NOTES, AS WELL AS ACCESS TO, AND KNOWLEDGEOF, APPROPRIATE ANALYTICAL TOOLS TO EVALUATE SUCH MERITS AND RISKS IN THE CONTEXTOF THEIR FINANCIAL SITUATION. PROSPECTIVE INVESTORS SHOULD CAREFULLY REVIEW THEINFORMATION SET FORTH AND INCORPORATED HEREIN, INCLUDING WITHOUT LIMITATION, THEINFORMATION SET FORTH UNDER THE CAPTIONS “RISK FACTORS” BEGINNING ON PAGE S-3 OF
THIS SUPPLEMENT AND PAGE 11 OF THE ACCOMPANYING PROSPECTUS.
IBRD is subject to certain information requirements of Regulation BW, promulgated by the SEC under Section 15(a) of theBretton Woods Agreements Act, and in accordance therewith files its regular unaudited quarterly and audited annual
financial statements with the SEC. You may obtain these documents and other documents IBRD has filed with the SEC
electronically through the EDGAR system by visiting the SEC website at https://www.sec.gov/edgar.shtml, and you may
also access the Prospectus and this Supplement through the following link to IBRD’s website:
http://www.worldbank.org/debtsecurities/.
The information on any website referred to in this Prospectus (including the respective websites of the SEC and IBRD) does
not form part of this Supplement.
Alternatively, to obtain copies of the Prospectus, this Supplement and any applicable Final Terms, contact your financial
professional.

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SUMMARY
What are IBRD’s Capital at Risk Notes?
Capital at Risk Notes are a type of debt securities that IBRD may issue pursuant to the Facility. However, an investment in
Capital at Risk Notes entails significant risks that are different from those associated with an investment in a conventional
debt security issued by IBRD pursuant to its Facility. Capital at Risk Notes may result in the loss of your entire investment,with no payment of any type made to you at maturity.
Each issue of Capital at Risk Notes will have different interest rates, interest payment dates and maturity dates, and may
include provisions for early redemption. The terms of each Capital at Risk Note will be specified in the applicable FinalTerms.
What investment risks are involved?
The Capital at Risk Notes are designed to be highly speculative and sophisticated investments. Capital at Risk Notes containone or more embedded derivatives that determine, in whole or in part, the interest amounts and the amount, if any, payable atmaturity. The types of events or underliers to which the Capital at Risk Notes will be linked, however, may be significantly
more complex than common types of structured notes offered to the public.
Investors should have sufficient knowledge and experience in financial and business matters to evaluate the merits
and risks of investing in a particular Capital at Risk Note, as well as access to, and knowledge of, appropriateanalytical tools to evaluate such merits and risks, including underlier and derivative risk, in the context of theirfinancial situation.
You should consult the information set forth under the captions “Risk Factors” beginning on page S-3 of this Supplement andpage 11 of the accompanying Prospectus for a description of the risk factors involved in purchasing Capital at Risk Notes. Inaddition, the applicable Final Terms of a particular issue of Capital at Risk Notes may include additional risk factors relatingto such issue.
Are Capital at Risk Notes rated?
The security ratings in respect of the Facility will not apply to Capital at Risk Notes. Capital at Risk Notes may not be
assigned any security rating or, if rated, they may have a lower security rating than the Facility due to the risk of loss ofprincipal. Whether or not a particular issue of Capital at Risk Notes has an assigned security rating, investors should beaware that the terms of the Capital at Risk Notes will create a substantial risk. You may lose some or all of your investment
regardless of any assigned security rating. A security rating is not a recommendation to buy, sell or hold securities and may
be subject to suspension, reduction or withdrawal at any time by the assigning rating agency. In addition, you also will be
subject to IBRD’s credit risk.

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RISK FACTORSThe following risk factors must be read together with the “Risk Factors” beginning on page 11 of the accompanying
Prospectus. Prospective investors also should refer to and carefully consider the applicable Final Terms for each particularissue of Capital at Risk Notes, which will describe additional risks associated with such Capital at Risk Notes.
Your investment may result in a loss
You cannot be assured that IBRD will make any payment to you on the Capital at Risk Notes at maturity. The payment atmaturity on the Capital at Risk Notes will depend on the features of the particular issue of Capital at Risk Notes as describedin the applicable Final Terms. Because of these features, the amount of cash you receive at maturity may be more or less than
the amount you invested in the Capital at Risk Notes. Accordingly, you may lose some or all of your investment. There may
not be a minimum amount that IBRD will pay at maturity; therefore, you may lose your entire investment in the Capital atRisk Notes.
Your yield may be lower than the yield on a standard debt security of comparable maturity
The yield that you will receive on your Capital at Risk Notes, which could be negative, may be less than the return you could
earn on other investments. Even if your yield is positive, your yield may be less than the yield you would earn if you bought aconventional senior debt security of IBRD with the same maturity date. Your investment may not reflect the full opportunity
cost to you when you take into account factors that affect the time value of money. Unlike conventional senior debt securities,
you may not receive full repayment of principal at maturity.
At the time the terms of your Capital at Risk Notes are set, they may be worth less than the issue price
Capital at Risk Notes contain one or more embedded derivatives that determine, in whole or in part, the interest amounts andthe amount, if any, payable at maturity. The estimated value of the Capital at Risk Notes at the time the terms of the Capitalat Risk Notes are set on the trade date may be less than the issue price. This difference may be because of fees, costs,
differences in derivatives pricing and other factors. The applicable Final Terms for your Capital at Risk Notes will explain
any such difference in issue price and estimated value and the reasons therefor if applicable to your Capital at Risk Notes.
There may not be an active trading market for the Capital at Risk Notes
Capital at Risk Notes may not be listed or displayed on any securities exchange or any electronic communications network.
There can be no assurance that a liquid trading market will develop. Even if a secondary market for the Capital at Risk Notes
were to develop, it may not provide significant liquidity and transaction costs in any secondary market could be high. As aresult, the difference between bid and asked prices for Capital at Risk Notes in any secondary market could be substantial. If
you sell your Capital at Risk Notes before maturity, you may have to do so at a discount from the initial issue price, and, as aresult, you may suffer substantial losses.

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INTERNATIONAL BANK FOR
RECONSTRUCTION AND DEVELOPMENTCAPITAL AT RISK NOTES