Egypt's IT industry has celebrated the launch of e-signature services facilitating electronic transactions in both government and private sector institutions.

The launch authorizes Ministry of Financ...

Egypt's IT industry has celebrated the launch of e-signature services facilitating electronic transactions in both government and private sector institutions. The launch authorizes Ministry of Finance and a number of companies to offer the first e-signature authentication services to governmental entities, its current financial institution customers, public sector companies and individuals in Egypt.   The combined offering enables the country to offer electronic signature capabilities and extend its platform into new areas of investment and insurance products.   Moreover the electronic signatures will improve the efficiency of administrative work and the performance level of governmental services.   Egypt's government, consider that e-signature solutions are set to give the country a competitive edge within a new global trading system and also as cornerstone of electronic transactions, either governmental or administrative, as well as trade transactions.   The e-signature Law, issued in 2004 and established the Information Technology Industry Development Agency (ITIDA), is the first Egyptian legislation for regulating electronic business and highlights the advancements in Egypt's IT industry.   The e-signature Law supports Egypt’s e-commerce industry by securing the Internet as a legally viable medium for online sales. Simply put, this means that a buyer does not need to physically sign a document when entering into a transaction online.   Egypt's government recognizes e-business security not only as a necessity to computer users, but as an asset to the ICT industry. Egypt’s government hopes to increase bandwidth; internet penetration, fixed line and mobile phone use, WiFi, WiMax and broadband services.   In 2007, the country pent nearly 1.17 billion US Dollars on information technology. At 1% of the GDP, that expenditure sustained 1,700 companies in the information and communications technology sector with a staff of approximately 49,000 and taxes of 77 million US Dollars. (Source: Africa News)