The new party called 'Constitution Party' seeks to represent the revolutionary forces that have been sidelined and marginalised since the January 25 uprising last year, ElBaradei told a press conference in downtown Cairo last evening.
ElBaradei, seen as one of the forces that fuelled the uprising leading to the ouster of long-standing leader Hosni Mubarak, said the party would take some years to become Egypt's number one political party.
"This is a project for the future," he said, adding "this party will end up including the 20 million (people) that made the revolution, and they'll achieve the revolution's demands together."
The Nobel laureate said his party aims to unite Egyptians and move forward to achieve the demands of the revolution, which have been forgotten in the troubled transitional period.
Following the ouster of the former president, Egypt entered a transition period in which political reform has been stagnant and the regime's hated "repressive" policies have remained in place.
ElBaradei, one-time presidential hopeful, said one proof that the transition period has been problematic is the Parliament, which he describes as not a representative of all Egyptians.
