The evacuees, most of them students, will fly home on board an EgyptAir flight from Budapest to Cairo International Airport.
The step is the result of efforts exerted by the Egyptian embassy in Hungary in coordination with the Egyptian Ministry of Civil Aviation and EgyptAir, the ministry added.
The Egyptian embassy in Budapest will continue to coordinate with the Hungarian authorities to ease the passage of Egyptian expats in Ukraine through the Hungarian borders, the ministry added.
Egypt has been pushing forward with efforts to bring home nationals from Ukraine. Prior to the Russian invasion, around 6,000 Egyptians lived in Ukraine, including 3,000 students studying at the country's universities, especially in medicine.
Egypt has urged expats in the western cities of Ukraine to move to neighbouring Poland, Slovakia, Hungary and Romania.
Over the past several days, scores of Egyptian expats have already entered the four European neighbouring nations and the Egyptian authorities are now coordinating their return.
On Tuesday evening, an Air Cairo flight evacuated 175 Egyptian students from Bucharest who had fled Ukraine into Romania.
On Thursday, Egypt said it had launched an air bridge to repatriate expats who crossed borders from Ukraine to neighbouring European countries, where the Egyptian embassies there are providing temporary residences for the evacuees until their return to Egypt.
Also on Thursday, Russian and Ukrainian delegations agreed to organise safe corridors for civilians to evacuate and for humanitarian supplies to be delivered.
Neighbouring countries such as Romania and Hungary have received hundreds of thousands of Ukrainian refugees throughout the week, with many thousands more expected in the coming days.