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The ministry said that Barakat was taken to Al-Nozha hospital in the Heliopolis district of the capital Cairo but succumbed to his injuries shortly thereafter.
There has been no immediate claim of responsibility, but the government is likely to blame Islamist militants who have been waging a war against it for the past two years.
The interior ministry said that eight other people, including five of Barakat’s guards, were injured in the attack.
Egyptian TV networks showed the aftermath of the bomb attack as several cars were seen burning outside Barakat’s home.
The government condemned the attack as a “vile act of terrorism”.
“Egypt has lost a great judicial figure that has shown dedication to work and commitment to the ethics of the noble judicial profession,” the office of President Abdel-Fatah El-Sissi said in a statement.
The attack comes a day ahead of the second anniversary of mass street protests which eventually led to the military deposing then President Mohamed Morsi.
Morsi was last week sentenced to death for his role in a jail break in 2011 and plotting to kill police.
Barakat was appointed as the country’s top public prosecutor by then interim President Adly Mansour in 2013.
He has been a key figure in the government’s campaign against Islamic militants and the outlawed Muslim Brotherhood.
The Egyptian government said it would cancel celebrations and demonstrations marking the June 30 “revolution” and instead hold a day of mourning.
Barakat will receive a state funeral on Tuesday.
The BRICS Post with inputs from Agencies