A prefabricated below-grade foundation wall module includes first and second laterally extending metal tracks, a plurality of longitudinally extending metal studs, an air barrier, and an outer structural layer. The second laterally extending metal track may be spaced from and facing the first laterally extending metal track. One end of the metal studs may be secured to the first metal track and the other end of the metal studs may be secured to the second laterally extending metal track. The air barrier may be secured in an overlaying position on an exterior-facing side of the module. The outer structural layer may be secured in an overlaying position on an exterior-facing side of the air barrier. The outer structural layer may comprise cement board, plywood or both cement board and plywood. A method of building a foundation wall is also described.