S&P Global Ratings assesses Rwanda's Sustainable Finance Framework as aligned with Social Bond Principles, ICMA, 2023; Social Loan Principles, LMA/LSTA/APLMA, 2023; Green Bond Principles, ICMA, 2021 (with June 2022 Appendix 1); Green Loan Principles, LMA/LSTA/APLMA, 2023; and Sustainability Bond Guidelines ICMA, 2021 principles. Rwanda is a land-locked country in east-central Africa. It is one of the smallest countries on the continent. Rwanda's population is about 13.6 million as of December 2023, making it one of the most densely populated countries in the world, with most Rwandans living in rural areas.