Development finance cooperation
Article 8
1. The Parties recognise that development cooperation is a crucial element of their partnership and an essential factor for the realisation of the objectives of this Agreement as laid down in Article 1. Development finance cooperation for regional economic cooperation and integration, as provided for in the Cotonou Agreement, shall be carried out so as to support and promote the efforts of the SADC EPA States to achieve the objectives and to maximise the expected benefits of this Agreement. Areas of cooperation and technical assistance are set out, as appropriate, in Chapter 3 and in the other Chapters of this Agreement. Cooperation shall be implemented according to the modalities provided for in this Article, shall be kept under ongoing review and shall be revised as necessary according to the provisions of Article 108 of this Agreement. 2. The European Community ( 2 ) financing pertaining to development cooperation between the SADC EPA States and the European Community supporting the implementation of this Agreement shall be carried out within the framework of the rules and relevant procedures provided for by the Cotonou Agreement, in particular the programming procedures of the European Development Fund and within the framework of the relevant instruments financed by the General Budget of the European Union. In this context, supporting the implementation of this Interim Agreement with a view to an EPA, shall be a priority. 3. The Member States of the European Union collectively undertake to support, by means of their respective development policies and instruments, development cooperation activities for regional economic cooperation and integration and for the implementation of this Agreement in the SADC EPA States and at the regional level, in conformity with the complementarity and aid effectiveness principles. 4. The Parties recognise that adequate resources will be required for the implementation of this Agreement and the fullest realisation of its benefits. In this respect the Parties shall cooperate to enable SADC EPA States to access other financial instruments as well as to facilitate other donors willing to further support the efforts of the SADC EPA States in achieving the objectives of this Agreement. 5. The Parties agree that a regional development financing mechanism such as an EPA fund would provide a useful instrument for efficiently channelling development financial resources and for implementing EPA accompanying measures. The EC Party agrees to support the efforts of the region to set up such a mechanism. The EC Party will contribute to the fund following a satisfactory audit.