The full statement from the Israeli defence council reads:
The Security Cabinet convened tonight.
The Political Security Cabinet unanimously accepted the recommendation of all security officials, the chief of staff, the head of the Shin Bet [internal security agency], the head of the Mossad [foreign intelligence] and the head of the National Security Council, to accept the Egyptian initiative for a bilateral unconditional ceasefire, which will take effect at a later date.
The chief of staff, the military echelon and the head of the GSS reviewed before the ministers Israel's great achievements in the campaign, some of which were unprecedented.
The political echelon emphasizes that the reality on the ground will determine the continuation of the campaign.
Hamas had earlier announced their agreement to the ceasefire, and said that it was due to come into effect at 0200 local time (2300 GMT).
Since the fighting began 232 Palestinians have reportedly been killed, including 65 children and 39 women, and more than 1,900 wounded in aerial bombardments. Israel confirms it has killed 160 militants in the region.
Israeli authorities have confirmed the death toll in Israel stands at 12, with hundreds of people treated for injuries as a result of rocket attacks.
