reuters:

Egypt announced on Wednesday that a ceasefire had been reached to end the conflict between Israel and the Palestinians, starting later in the day.

Egyptian Foreign Minister Mohamed Kamel Amr made the announcement in a joint news conference with U.S. Secretary of State Hillary Clinton. The ceasefire would come into effect at 15:00 EDT, said Amr, whose country has been at the heart of efforts to broker an end to the conflict.

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Here are the details of the agreement. This is a big development not only for Israel and Gaza, but post-revolutionary Egypt as well. If the ceasefire holds, it will be a huge win for President Mohammed Morsi, and he’ll reap lots of credit for helping broker the agreement.