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1. As provided for by the Financial Regulation, the Commission shall implement financing under the Instrument - either directly by the Commission, by Union delegations or by executive agencies, or indirectly through any of the entities listed in point (c) of Article 62(1) of that Regulation.

2. Financing under the Instrument may also be provided through contributions to international, regional or national funds, such as those established or managed by the EIB, by Member States, by partner countries and regions, by international organisations or by other donors.

3. The entities listed in point (c) of Article 62(1) of the Financial Regulation and eligible counterparts referred to in Article 35(4) of this Regulation shall fulfil their reporting obligations under Article 155 of the Financial Regulation annually. The reporting requirements for any of those entities are laid down in the financial framework partnership agreement, the contribution agreement, the agreement on budgetary guarantees or the financing agreement.

4. Actions financed under the Instrument may be implemented by means of parallel or joint co-financing.

5. In the case of parallel co-financing, an action is split into a number of clearly identifiable components which are each financed by the different partners providing co-financing in such a way that the end-use of the financing can always be identified and duplication of financing is avoided.

6. In the case of joint co-financing, the total cost of an action shall be shared between the partners providing the co-financing and the resources are pooled in such a way that it is no longer possible to identify the source of financing for any given activity undertaken as part of the action.

7. Cooperation between the Union and its partners may take the form of, for example:

(a) triangular arrangements whereby the Union coordinates with third countries its assistance funding to a partner country or region;

(b) administrative and technical cooperation measures, as well as building capacity, including to share transitional or reform implementation experiences of Member States, such as decentralised cooperation through partnerships or twinning, between public institutions, including local authorities, public law bodies or private law entities entrusted with public service tasks of a Member State and those of a partner country or region, as well as cooperation measures involving public sector experts dispatched from the Member States and their regional and local authorities;

(c) contributions to the necessary costs of setting up and administering a public-private partnership, including those for their independent assessment and monitoring, where possible by civil society organisations;

(d) sector policy support programmes whereby the Union provides support to a partner country’s sector programme;

(e) contributions to the cost of the countries’ participation in Union programmes, and to actions implemented by Union agencies and bodies, as well as to bodies or persons entrusted with the implementation of specific actions in the Common Foreign and Security Policy pursuant to Title V TEU.