The establishment of a BRICS development bank will be high on the agenda when South Africa hosts the 5th BRICS summit.
BRICS is the title of association of major developing economies like Brazil, Russia, India, China and South Africa.
The event will be hosted for the first time on African soil in Durban from 26-27 March.
International Relations Minister Maite Nkoana-Mashabane says expectations are high for the summit to adopt a resolution on the establishment of a BRICS Development Bank.
Speaking at the annual ambassador's gala dinner following the President's State of the Nation Address, Nkoana-Mashabane says the summit will for the first time include a meeting of all African heads of state.
The leaders are expected to discuss strategy around the BRICS Development Bank and diplomatic matters, including recent coup attempts.
However, the Minister emphasised that the main agenda of the summit will be about establishing key BRICS institutions
"The BRICS development bank, a BRICS academic forum, a BRICS think-tank - that is why we have these academia in the room - to lobby them to start thinking progressively," said Nkoana-Mashabane.
Last year’s BRICS summit was held in New Delhi in India, President Jacob Zuma attended the event as a full member for the second time.
South Africa joined the association in August 2010, before then the association was simply known as BRIC.