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A BRICS-led bank is intended to mobilise domestic savings and co-fund infrastructure in developing regions.
The budget report also acknowledged the rise of African markets and the upcoming BRICS Summit in Durban.
The 5th BRICS Summit will take place in Durban on March 26 and 27 this year.
South Africa says the framework will largely depend on the commitment, resolve and actions taken by all the signatories.
A string of wildcat strikes have put pressure on many mining companies operating in South Africa.
The South African president says the economy must grow threefold to generate jobs.
South African Paralympic champion Oscar Pistorius will appear in court on Friday.
Moscow wants to bolster multifaceted trade with its BRICS partner.
Jacob Zuma, the South African President has spoken ahead of his state of the nation address.
The special meeting is expected to focus on the preparations for the upcoming BRICS Summit.
