Israel and Hamas have officially agreed to a ceasefire in Gaza and a hostage release deal after 467 days of war.

US President Joe Biden confirmed in a statement this evening that a deal has been reached.

He said the agreement will "halt the fighting in Gaza, surge much-needed humanitarian assistance to Palestinian civilians, and reunite the hostages with their families after more than 15 months in captivity".

"I laid out the precise contours of this plan on May 31, 2024, after which it was endorsed unanimously by the UN Security Council.

"It is the result not only of the extreme pressure that Hamas has been under and the changed regional equation after a ceasefire in Lebanon and weakening of Iran — but also of dogged and painstaking American diplomacy. My diplomacy never ceased in their efforts to get this done," he said.

Qatar's Prime Minister, Sheikh Mohammed bin Abdulrahman Al Thani, confirmed in a press conference of his own that implementation of the ceasefire will begin on Sunday.

The deal will begin with an initial six-week ceasefire phase, Biden added

Hamas will release 33 hostages during the first phase, starting with women and children, men over 50, and the sick.

Based on the return list Hamas issued earlier this month, this could include Emily Damari, the last British citizen being held in Gaza.

Israel will release hundreds of Palestinian prisoners in exchange.

The Israeli military will begin withdrawing from population centres, and Palestinians living in Gaza will be freely allowed to return to the north of the Strip.

There will also be a surge of humanitarian aid into Gaza.

Reports indicate that Israel will remain along the Gaza-Egypt border, known as the Philadelphi Corridor. Israel’s continued presence in the strategically placed, 14km strip has been a point of contention in previous negotiation talks.

There had been reports of a last-minute snag over the strategically important corridor due to demands from Hamas, but this was apparently resolved.

An Israeli official told the Times of Israel that Hamas negotiators had “folded” on the issue.

Biden said if negotiations take longer than six weeks, the ceasefire will continue.

Negotiations to reach the second and third phases of the ceasefire will begin on the 16th day of the implementation of the deal.

The second phase will include the release of all remaining hostages, a permanent truce and a complete Israeli exit from Gaza.

The third phase will address the return of all the remaining bodies of dead hostages in the Strip and the start of Gaza’s reconstruction.

Israel’s security cabinet is scheduled to meet at 9am GMT tomorrow to vote on approving the deal.

Foreign Minister Gideon Saar has cut short a visit to Italy to return for the vote.

"This is the ceasefire agreement I introduced last spring, today Hamas and Israel have agreed,” Biden said.

"With nowhere else to turn, Hamas finally agreed to releasing the hostages.”

Implementation of the deal will be agreed by Qatar, Egypt and the US.

Qatar one of the key mediators in reaching a deal.

Prime Minister Al Thani thanked both President Biden and Trump’s Middle Eastern envoys for their collaboration in the negotiations.

He said the precise details of the deal will be published in the coming days.

Families of the remaining hostages have held demonstrations in Tel Aviv, calling on ministers to ensure that all of those held by Hamas are returned.

Meanwhile, people took to the streets of Gaza to celebrate the announcement, chanting and dancing in joy.

US President-elect Donald Trump heralded the agreement earlier this evening, saying: “we have a deal for the hostages” and that “they will be released shortly”.

He also pledged to “work with Israel” to make sure Gaza “never becomes a safe haven for terrorists”.