Smoke and fire rise after Israeli shelling towards Gaza, December 21, 2023. (Photo: AFP/VNA)

The proposal suggests the Israel Defense Forces (IDF) would halt all military and intelligence operations in the Gaza Strip for two weeks in exchange for the release of 40 hostages. Palestinian officials, as cited by regional media, said Egypt's proposed deal is a three-phase plan to halt the conflict in Gaza.

The plan includes the release of 120 Palestinian prisoners from Israeli jails. The second phase of Egypt's proposal involves negotiations with the Palestinian Authority to establish an emergency security government in Gaza involving multiple Palestinian factions. The third phase includes a prolonged ceasefire, the repatriation of additional hostages from the Gaza Strip, and the eventual withdrawal of Israeli forces from the blockaded Palestinian coastal enclave.

Following the announcement of the Egyptian proposal, an Israeli source confirmed to the Maariv newspaper that some of the proposals are unacceptable. However, Tel-Aviv said Egypt's initiative could pave the way for negotiations.