The ceasefire agreement that was signed in Egypt on Thursday morning between Israel and Hamas has now been approved by the Israeli government.

After several hours of discussions on Thursday evening, the Israeli government has approved the plan to release hostages in Gaza, according to a statement from Prime Minister Benjamin Netanyahu's office.

Thus, the ceasefire agreement has been formally ratified by Israel, and the ceasefire is to come into effect within 24 hours, according to the agreement that Trump announced on Thursday night.

Phase one of the agreement involves Israel and Hamas exchanging hostages and prisoners.

The Israeli military (IDF) will then begin a withdrawal from Gaza. After the Israeli forces withdraw, the IDF will control approximately 53 percent of the Gaza Strip.

Israel and Hamas have agreed that the 48 hostages – 28 of whom are believed to be dead – held by militants in Gaza will be released in exchange for around 2,000 Palestinian prisoners held by Israel.

The agreement states that Hamar must hand over the hostages within 72 hours of approval of the agreement.