Yet there are some differences in the approach of the ACGF that may have a profound effect on external support for African governments and African development.
In a statement, the World Bank Group Board said that the ACGF will "provide targeted financial support to accelerate shared economic growth and assist in the achievement of the Millennium Development Goals that have proved difficult to attain".
The fund will be financed by a range of sources and the World Bank hopes that the governments of the various industrial countries that have pledged to increase their financial support for sub-Saharan Africa over the past year will channel their funding through the ACGF.
These all appear to be fine aspirations and new development funding is always to be welcomed, but it remains to be seen whether the ACGF will provide anything new.
One difference between the ACGF and many other World Bank funds and organisations is that money will be allocated purely as grants rather than loans.
Another change in strategy is the ACGF policy of targeting countries on the point of economic take off or at the time of a sharp turnaround in their fortunes.
The guidelines laid down and strategy designed for the operation of the fund are significant beyond the realm of the ACGF in that they give a clear indication of broader World Bank strategy on support for Africa.
Some governments may be reluctant to channel their own development spending through the ACGF but they may adopt many of the key tenets of its approach in their criteria for supporting projects.
To fill this apparent void, a recent report by the Center for Strategic and International Studies has proposed the creation of a separate organization, the Arctic Coast Guard Forum (ACGF
), consisting initially of the eight Arctic Council states, but possibly expanding eventually to include other countries willing to contribute assets.