Obligation IBRD-Global 8.3% ( XS2352605575 ) en KZT

IBRD-Global

100 % ⇌

Etas-Unis

XS2352605575 ( en KZT )

8.3% par an ( paiement annuel )

14/06/2023 - Obligation échue

Prospectus brochure de l'obligation IBRD XS2352605575 en KZT 8.3%, échue

10 000 000 KZT

6 500 000 000 KZT

La Banque internationale pour la reconstruction et le développement (IBRD), membre du Groupe de la Banque mondiale, fournit des prêts et des services consultatifs aux pays à revenu intermédiaire et à revenu faible pour soutenir leur développement économique.

L'Obligation émise par IBRD-Global ( Etas-Unis ) , en KZT, avec le code ISIN XS2352605575, paye un coupon de 8.3% par an.
Le paiement des coupons est annuel et la maturité de l'Obligation est le 14/06/2023

Draft/Linklaters LLP/07.06.21
Final Terms dated 9 June 2021

International Bank for Reconstruction and Development

Issue of KZT 8.25 per cent. Notes due 14 June 2023
payable in United States Dollars
under the
Global Debt Issuance Facility

Terms used herein shall be deemed to be defined as such for the purposes of the terms and conditions (the
"Conditions") set forth in the Prospectus dated 28 May 2008. This document constitutes the Final Terms of
the Notes described herein and must be read in conjunction with such Prospectus.
UK MiFIR product governance / Retail investors, professional investors and ECPs target market 
See Term 29 below.
SUMMARY OF THE NOTES

1.
Issuer:
International Bank for Reconstruction and Development
("IBRD")
2.
(i) Series Number:
101372
(ii) Tranche Number:
1
3.
Specified Currency or Currencies
Kazakhstan Tenge ("KZT") provided that all payments in
(Condition 1(d)):
respect of the Notes will be made in United States Dollars
("USD")
4.
Aggregate Nominal Amount:

(i) Series:
KZT 6,500,000,000
(ii) Tranche:
KZT 6,500,000,000
5.
(i) Issue Price:
100 per cent. of the Aggregate Nominal Amount
(ii) Net Proceeds:
USD 15,186,915.89 (equivalent to KZT 6,500,000,000 at
the KZT/USD exchange rate of KZT 428 per USD 1.00)
6.
Specified Denominations
KZT 10,000,000 and integral multiples thereof
(Condition 1(b)):
7.
Issue Date:
14 June 2021
8.
Maturity Date (Condition 6(a)):
14 June 2023, unless the corresponding FX Valuation Date
is postponed beyond the Scheduled FX Valuation Date due
to an Unscheduled Holiday or because a Price Source
Disruption in respect of the FX Rate has occurred, in
which case the Maturity Date shall be postponed to the
fifth Business Day after the date on which the FX Rate is
determined (further particulars specified below in Term
16(vii)). For the avoidance of doubt, no additional interest
or other additional amounts shall be payable by IBRD in
the event that the Maturity Date is so postponed.
9.
Interest Basis (Condition 5):
8.25 per cent. Fixed Rate
(further particulars specified below)
10. Redemption/Payment Basis
Redemption at par, payable in USD
(Condition 6):
(further particulars specified below)
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11. Change of Interest or
Not Applicable
Redemption/Payment Basis:
12. Call/Put Option (Condition 6):
Not Applicable
13. Status of the Notes (Condition 3):
Unsecured and unsubordinated
14. Listing:
Luxembourg Stock Exchange
15. Method of distribution:
Non-syndicated
PROVISIONS RELATING TO INTEREST (IF ANY) PAYABLE
16. Fixed Rate Note Provisions
Applicable
(Condition 5(a)):
(i) Rate of Interest:
8.25 per cent. per annum payable annually in arrear
(ii) Interest Payment Date(s):
14 June in each year, from and including 14 June 2022 to
and including the Maturity Date, unless the corresponding
FX Valuation Date is postponed beyond the Scheduled FX
Valuation Date due to an Unscheduled Holiday or because
a Price Source Disruption in respect of the FX Rate has
occurred, in which case the Interest Payment Date shall be
postponed to the fifth Business Day after the date on which
the FX Rate is determined (further particulars specified
below in Term 16(vii)).
For the avoidance of doubt, no additional interest or other
additional amounts shall be payable by IBRD in the event
that the relevant Interest Payment Date is so postponed.
(iii) Interest Period Dates:
14 June in each year, from and including 14 June 2022 to
and including the Maturity Date, not subject to adjustment
in accordance with a Business Day Convention.
(iv) Business Day Convention:
Not Applicable
(v) Day Count Fraction:
Actual / Actual (ICMA)
(vi) Interest Amount:
The Interest Amount payable per Specified Denomination
on each Interest Payment Date will be an amount in USD
determined by the Calculation Agent on the relevant FX
Valuation Date equal to the product of:
(a) the Specified Denomination multiplied by the Rate
of Interest;
(b) 1 divided by the FX Rate on such FX Valuation
Date (as defined in Term 16(vii) below); and
(c) the Day Count Fraction.
(vii) Disruption Provisions and
Disruption Provisions:
Definitions:
If, in respect of an FX Valuation Date, a Price Source
Disruption has occurred or exists in respect of the FX Rate,
the Calculation Agent shall obtain the FX Rate for such FX
Valuation Date by applying the provisions of the following
fallbacks (the "Disruption Fallbacks") in the order below:
(i)
Valuation Postponement;
(ii)
Dealer Poll (provided the FX Rate cannot be

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determined in accordance with (i) above); and
(iii) Calculation Agent Determination of FX Rate
(provided that the FX Rate cannot be determined in
accordance with (i) or (ii) above).
In the event that an FX Valuation Date is postponed
beyond the relevant Scheduled FX Valuation Date due to
an Unscheduled Holiday or because a Price Source
Disruption in respect of the FX Rate has occurred, the
relevant Interest Payment Date, the Early Redemption Date
or the Maturity Date, as applicable, shall be postponed by
each day for which the relevant FX Valuation Date is so
postponed.
For the avoidance of doubt, no additional interest or other
additional amounts shall be payable by IBRD in the event
that the relevant Interest Payment Date, the Early
Redemption Date or the Maturity Date is postponed.
Cumulative Events:
Notwithstanding anything herein to the contrary, in no
event shall the total number of consecutive calendar days
during which either (i) an FX Valuation Date is postponed
due to an Unscheduled Holiday, or (ii) a Valuation
Postponement shall occur (or any combination of (i) and
(ii)), exceed 14 consecutive calendar days in the aggregate.
Accordingly, (x) if, upon the lapse of any such 14 day
period, an Unscheduled Holiday shall have occurred or be
continuing on the day following such period that otherwise
would have been a Business Day, then such day shall be
deemed to be an FX Valuation Date, and (y) if, upon the
lapse of any such 14 day period, a Price Source Disruption
shall have occurred or be continuing on the day following
such period, then Valuation Postponement shall not apply
and the FX Rate shall be determined in accordance with
the next Disruption Fallback.
Definitions:
The following definitions shall apply:
"Almaty Business Day" means, a day (other than a
Saturday or a Sunday) on which commercial banks and
foreign exchange markets settle payments and are open for
general business (including dealings in foreign exchange
and foreign currency deposits) in Almaty.
"Business Day" means a day (other than a Saturday or a
Sunday) on which commercial banks and foreign exchange
markets settle payments and are open for general business
(including dealings in foreign exchange and foreign
currency deposits) in Almaty, London and New York.
"Calculation Agent" means Citibank, N.A., London
Branch, or its duly appointed successor.
"Calculation Agent Determination of FX Rate" means,
in respect of an FX Valuation Date, if the Calculation

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Agent cannot determine a relevant rate in accordance with
the provisions of Valuation Postponement or Dealer Poll,
the Calculation Agent shall determine the FX Rate on the
relevant FX Valuation Date, acting in good faith and in a
commercially reasonable manner having taken into account
relevant market practice and any information which it
deems relevant.
"Dealer Poll" means, in respect of the FX Valuation Date,
if the Calculation Agent cannot determine a relevant rate in
accordance with the provisions of Valuation Postponement,
the Calculation Agent shall determine the FX Rate for the
relevant FX Valuation Date by requesting each of the
Reference Dealers to provide a quotation of the KZT/USD
spot rate at or about 5:00 p.m., Almaty time, on such FX
Valuation Date.
(A) If at least two quotations are provided, the FX Rate
will be the arithmetic mean of the quotations
(rounded to the nearest four decimal points, with
0.00005 being rounded up) of the rates so quoted.
Copies of all quotes obtained by the Calculation
Agent will be provided by the Calculation Agent to
the Issuer upon request; or
(B) if fewer than two (2) Reference Dealers provide a
quotation as set forth above for the relevant FX
Valuation Date, the FX Rate will be determined by
the Calculation Agent in accordance with the
Calculation Agent Determination of the FX Rate.
The Calculation Agent shall notify the Issuer as soon as
reasonably practicable that the FX Rate is to be so
determined.
"Early Redemption Date" means the day on which the
Notes become due and payable in accordance with
Condition 9 (Default) subject to postponement in
accordance with this Term 16(vii) whereupon the Early
Redemption Date shall be the date five Business Days
following the relevant FX Valuation Date.
"FX Rate" means, in respect of the relevant FX Valuation
Date, the KZT/USD weighted average rate, expressed as
the amount of KZT per USD 1.00, for settlement in one
Business Day, reported by the Kazakhstan Stock Exchange
(www.kase.kz) at approximately 5:00 p.m. (Almaty time)
on such FX Valuation Date ("KZT01").
If Annex A to the 1998 FX and Currency Option
Definitions published by the International Swaps and
Derivatives Association, Inc., the Emerging Markets
Traders Association and the Foreign Exchange Committee
(the "FX Definitions") is amended such that KZT01 is
replaced by a successor price source for the KZT/USD
exchange rate in such Annex A to the FX Definitions (the
"Successor Price Source Definition"), then the FX Rate
will be determined in accordance with such Successor

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Price Source Definition.
"FX Valuation Date" means, in respect of an Interest
Payment Date, the Early Redemption Date or the Maturity
Date, as applicable, the date that is five Business Days
before such Interest Payment Date, Early Redemption Date
or Maturity Date, as applicable (the "Scheduled FX
Valuation Date"), provided that if the Scheduled FX
Valuation Date is an Unscheduled Holiday, the FX
Valuation Date shall be postponed to the first following
Business Day, which is not an Unscheduled Holiday. In the
event the Scheduled FX Valuation Date is so postponed
due to an Unscheduled Holiday and if the FX Valuation
Date has not occurred on or before the number of calendar
days equal to the Maximum Days of Postponement after
the Scheduled FX Valuation Date (any such period being a
"Deferral Period"), then the next day after the Deferral
Period that is a Business Day, or that would have been a
Business Day but for the Unscheduled Holiday, shall be
deemed to be the FX Valuation Date.
"Maximum Days of Postponement" means 14 calendar
days.
"Price Source Disruption" means the occurrence or
existence of an event on an FX Valuation Date, the result
or consequence of which is that it is impossible or
impracticable, in the opinion of the Calculation Agent, to
obtain the FX Rate on such day.
"Reference Dealers" means four leading dealers or banks
active in the KZT/USD exchange market selected by the
Calculation Agent in its sole discretion.
"Unscheduled Holiday" means a day that is not an Almaty
Business Day and the market was not aware of such fact
(by means of a public announcement or by reference to
other publicly available information) until a time later than
9:00 a.m. local time in Almaty, two Almaty Business Days
prior to such day.
"Valuation Postponement" means, in respect of an FX
Valuation Date, if a Price Source Disruption has occurred
or exists in respect of the FX Rate on such FX Valuation
Date, the Calculation Agent shall determine the FX Rate on
the next succeeding Business Day on which, in the opinion
of the Calculation Agent, such Price Source Disruption has
not occurred or ceased to exist, unless the Price Source
Disruption continues to exist (measured from the date that,
but for the occurrence of the Price Source Disruption, or
Unscheduled Holiday would have been the Scheduled FX
Valuation Date) for a consecutive number of calendar days
equal to the Maximum Days of Postponement, in which
case the Calculation Agent shall determine the FX Rate on
the next succeeding Business Day after the Maximum
Days of Postponement (which will be deemed to be the
applicable FX Valuation Date) in accordance with the next

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applicable Disruption Fallback.
PROVISIONS RELATING TO REDEMPTION
17. Final Redemption Amount of each
The Final Redemption
Amount per Specified
Note (Condition 6):
Denomination will be payable in USD on the Maturity
Date and shall be determined by the Calculation Agent by
applying the following formula on the FX Valuation Date
immediately prior to the Maturity Date:
Specified Denomination divided by FX Rate (as
defined in Term 16(vii) above),
subject to the Disruption Provisions and Definitions in
Term 16(vii) above.
18. Early Redemption Amount
The Final
Redemption Amount per
Specified
(Condition 6(c)):
Denomination, as determined in accordance with Term 17
above (provided that the FX Valuation Date shall be the FX
Valuation Date in respect of the Early Redemption Date)
plus accrued and unpaid interest, if any, as determined in
accordance with Term 16 above, provided that for the
purposes of such determination, the relevant Interest Period
Dates shall be the period commencing on, and including,
the Interest Payment Date falling immediately prior to the
date upon which the Notes become due and payable (or, if
no interest has yet been paid, the Issue Date) to, but
excluding, the date upon which the Notes become due and
payable.
GENERAL PROVISIONS APPLICABLE TO THE NOTES
19. Form of Notes (Condition 1(a)):
Registered Notes:
Global Registered Certificate available on Issue Date
20. New Global Note (NGN):
No
21. Financial Centre(s) or other special
Almaty, London and New York
provisions relating to payment dates
(Condition 7(h)):
22. Governing law (Condition 14):
English
23. Other final terms:
The first sentence of Condition 7(a)(ii) is hereby replaced
by the following: "Interest (which for the purpose of this
Condition 7(a) shall include all Instalment Amounts other
than final Instalment Amounts) on Registered Notes shall
be paid to the person shown on the Register at the close of
business on the calendar day before the due date for
payment thereof (the "Record Date")."
24. Additional risk factors:
An investment in the Notes is subject to the risks
described below, as well as the risks described under
"Risk Factors" in the accompanying Prospectus.
Because the Notes are denominated in KZT but payable in
USD, the Noteholders will be exposed to currency
exchange rate risks with respect to such currencies.
Changes in exchange rates relating to any of the currencies
involved may result in a decrease in the effective yield of

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the Notes and, in certain circumstances, could result in a
loss of all or a substantial portion of the principal of the
Notes (including the Final Redemption Amount). For
example, if, on any FX Valuation Date, KZT has
appreciated in value against USD, the payment in USD
will be higher. Conversely, a depreciation in value of KZT
against USD will have the opposite impact. Furthermore,
since the Noteholders will receive payments on the Notes
only on the Interest Payment Dates (including the Maturity
Date), the Noteholders will not benefit from favorable
changes in exchange rates at any other time during the term
of the Notes.
Exchange rate movements for a particular currency are
volatile and are the result of numerous factors. A
Noteholder's net exposure will depend on the extent to
which the payment currency (USD) strengthens or
weakens against the denominated currency (KZT).
In addition, the Noteholders whose financial activities are
denominated principally in a currency (the "Investor's
Currency") other than any of the Specified Currencies, will
also be exposed to currency exchange rate risk that are not
associated with a similar investment in a security
denominated or paid in that Investor's Currency. For more
information, please see "Risk FactorsNotes are subject
to exchange rate and exchange control risks if the
investor's currency is different from the Specified
Currency" in the accompanying Prospectus.
DISTRIBUTION
25. (i) If syndicated, names of
Not Applicable
Managers and underwriting
commitments:
(ii) Stabilizing Manager(s) (if any):
Not Applicable
26. If non-syndicated, name and address
Morgan Stanley & Co. International plc
of Dealer:
25 Cabot Square
Canary Wharf
London
E14 4QA
27. Total commission and concession:
Not Applicable
28. Additional selling restrictions:
Not Applicable
29. UK MiFIR product governance /
Regulation (EU) No 600/2014 as it forms part of
Retail investors, professional
domestic law by virtue of the European Union
investors and ECPs target market:
(Withdrawal) Act 2018 ("UK MiFIR") product
governance / Retail investors, professional investors
and eligible counterparties ("ECPs") target market 
Solely for the purposes of the manufacturer's product
approval process, the target market assessment in respect
of the Notes has led to the conclusion that: (i) the target
market for the Notes is eligible counterparties (as defined
in the United Kingdom Financial Conduct Authority (the

7

"FCA") Handbook Conduct of Business Sourcebook
("COBS")), professional clients (as defined in UK MiFIR)
and retail clients (as defined in point (8) of Article 2 of
Regulation (EU) No 2017/565 as it forms part of domestic
law by virtue of the European Union (Withdrawal) Act
2018); and (ii) all channels for distribution of the Notes are
appropriate. Any person subsequently offering, selling or
recommending the Notes (a "distributor") should take
into consideration the manufacturer's target market
assessment; however, a distributor subject to the FCA
Handbook Product Intervention and Product Governance
Sourcebook (the "UK MiFIR Product Governance
Rules") is responsible for undertaking its own target
market assessment in respect of the Notes (by either
adopting or refining the manufacturer's target market
assessment) and determining appropriate distribution
channels.
For the purposes of this Term 29, "manufacturer" means
the Dealer.
IBRD does not fall under the scope of application of UK
MiFIR. Consequently, IBRD does not qualify as an
"investment firm", "manufacturer" or "distributor" for the
purposes of UK MiFIR.
OPERATIONAL INFORMATION
30. ISIN Code:
XS2352605575
31. Common Code:
23526055
32. Delivery:
Delivery against payment
33. Registrar and Transfer Agent (if any): Citibank, N.A., London Branch
34. Intended to be held in a manner
No
which would allow Eurosystem
eligibility:
GENERAL INFORMATION
IBRD's most recent Information Statement was issued on September 23, 2020.
USE OF PROCEEDS
Supporting sustainable development in IBRD's member countries
The net proceeds from the sale of the Notes will be used by IBRD to finance Eligible Sustainable
Development Projects.
"Eligible Sustainable Development Projects" means projects, programs and activities in IBRD's
member countries designed to achieve positive social and environmental impacts and outcomes in line
with IBRD's twin goals of eliminating extreme poverty and promoting shared prosperity.
Eligible Sustainable Development Projects undergo a rigorous review and internal approval process which
integrates IBRD's sustainability policies and environmental and social requirements.
IBRD's sustainable development bond framework ("SDBF"), as published from time to time, describes
the process for selecting, evaluating and reporting on Eligible Sustainable Development Projects and
contains descriptions and examples of such eligible projects.

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The net proceeds from the sale of the Notes are not committed or earmarked for the lending to, or
financing of, any particular Eligible Sustainable Development Projects. Returns on Notes are not linked to
the performance of any particular Eligible Sustainable Development Projects. Prior to use, the net
proceeds from the sale of the Notes will be invested by IBRD's Treasury in accordance with IBRD's
liquid asset management investment policies. IBRD's administrative and operating expenses are covered
entirely by IBRD's various sources of revenue (net income) consisting primarily of net loan revenues and
investment income (as more fully described in the Information Statement). The SDBF and the information
set forth therein are not a part of, or incorporated by reference into, the Prospectus.

LISTING APPLICATION
These Final Terms comprise the final terms required for the admission to the Official List of the
Luxembourg Stock Exchange and to trading on the Luxembourg Stock Exchange's regulated market of the
Notes described herein issued pursuant to the Global Debt Issuance Facility of International Bank for
Reconstruction and Development.

RESPONSIBILITY
IBRD accepts responsibility for the information contained in this Final Terms.
Signed on behalf of IBRD:

By:
...........................................................

Duly authorised

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