Organisers said they want to return the dusty 111-year-old museum to its former glory by painting the walls and covering the floors in their original colors and patterns.
The lighting and security systems also will be upgraded to meet international standards, Minister of Antiquities Mohammed Ibrahim said, announcing the plan during a news conference in the museum's leafy courtyard. The displays also will be rearranged, although he did not give details about how.
Along with the overall tourist industry, the museum has suffered in large part due to its location near Tahrir Square, the epicenter of protests and frequent clashes since the start of the 2011 revolution that ousted autocrat Hosni Mubarak.
Violence spiked again after the July 3 military coup that ousted Islamist President Mohammed Morsi.
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But the interim government that has assumed power is struggling to regain control of the streets and bring back the visitors who long made Egypt a top tourist spot.
"From Tahrir, on a Friday, we are sending a positive message to the entire world: Egypt is doing well," Ibrahim said on the anniversary of the museum's inauguration in 1902.
Ibrahim also said his ministry planned to demolish the blackened former headquarters of Mubarak's National Democratic Party, which was burned during the anti-Mubarak uprising and stands between the museum and the River Nile, to create a botanical garden and an open-air museum. He said part of the new exposition area could be dedicated to the country's popular uprisings.