Both countries were among 55 countries around the world that took part Wednesday in an UN-led virtual conference on the presentation of the Russian vaccine.
Russian Health Minister Mikhaïl Mourachko said at the special session that the participating countries are allowed to produce the vaccine locally.
Algeria and Egypt are among the worst affected countries on the African continent. Algeria has reported more than 95,000 cases while Egypt has posted more 117,000 cases. Both are being affected by the second wave of the pandemic.
Kirill Dmitriev, CEO of the Russian Direct Investment Fund, said Sputnik V will be the cheapest among other vaccines and will cost less than $10 per dose.
First clinical trials revealed that Sputnik V is more than 95 per cent efficient on the 42nd day after the injection on condition that the patient has received the second dose, Russian authorities have said.
Russia was the first country in the world to have announced in August the discovery of a vaccine for the respiratory disease.
Russia is in competition with several countries including the US and China.