An agreement on the first phase of a ceasefire in Gaza was reached following indirect negotiations between Israel and Hamas in Egypt regarding US President Donald Trump’s peace plan for Gaza.

The first phase includes Hamas releasing 20 living hostages they have held in the Gaza Strip for two years.

Trump announced late Wednesday night that Israel and Hamas agreed on the terms of the first phase of the Gaza agreement proposed by the US, allowing the release of all Israeli hostages.

The signing of the first phase of the Gaza agreement is scheduled to take place in Cairo today, according to a source familiar with the negotiations.

Trump said on Truth Social, “I am honored to announce that Israel and Hamas have signed the first phase of our peace plan.” He added, “This means all hostages will be released very soon, and Israel will withdraw its forces to an agreed line as initial steps toward a strong, lasting, and sustainable peace.”

Earlier Wednesday, Trump said he might travel to Egypt early next week, where US negotiators are participating in talks on a ceasefire and hostage release agreement.

Trump told Reuters that the Gaza agreement, which involves a ceasefire in exchange for the release of hostages reached in Egypt, represents “a great day for the world.”

He said in a brief phone call, “The whole world came together on this agreement, Israel, every country came together. It was a great day.” He added, “This is a great day for the world. It is a wonderful day, a wonderful day for everyone.”

A Hamas source familiar with the negotiations told AFP that the exchange of Israeli hostages held in Gaza and Palestinian detainees in Israeli prisons “will take place within the first 72 hours” of implementing the agreement reached in Cairo early Thursday.

The first phase of the agreement, according to Hamas sources, includes “the exchange of living Israeli prisoners and the release of 250 Palestinians sentenced to life imprisonment and 1700 detainees arrested after October 7, 2023, along with scheduled Israeli withdrawals.”

Israeli Prime Minister Benjamin Netanyahu announced he will convene his government on Thursday to approve the agreement reached with Hamas to release hostages held in Gaza and to end the two-year war in the Palestinian territory.

Netanyahu said in a statement, “I will convene the government to approve the agreement and bring all our dear hostages back home.”