JERUSALEM/BEIRUT -- Israel's security cabinet approved on Tuesday night a ceasefire agreement with Hezbollah, the Israeli Prime Minister's Office said in a statement.

Israel's state-owned Kan TV News reported that the ceasefire, brokered by the United States and France, was expected to take effect on Wednesday at 4 a.m. local time (0200 GMT) in Israel and Lebanon.

The security cabinet approved the ceasefire by a majority of ten votes to one, with far-right National Security Minister Itamar Ben-Gvir casting the sole dissenting vote.

"Israel appreciates the United States' contribution to the process and reserves its right to act against any threat to its security," the statement said.

In a recorded video speech earlier in the day, Israel's Prime Minister Benjamin Netanyahu attributed the ceasefire decision to three reasons -- focus shifted to threats from Iran, the need for a refresh of forces and replenishment of weapons, as well as the isolation of Hamas in the Gaza Strip.

"With Hezbollah out of the picture, Hamas is left alone in the campaign. Our pressure on it will increase, and this will assist in achieving the goal of freeing our hostages," Netanyahu said.

The prime minister also reiterated his determination to "do whatever it takes to prevent Iran from obtaining nuclear weapons."

Shortly after the approval, Biden gave a speech at the White House, saying he had spoken to Netanyahu and Lebanon's Prime Minister Najib Mikati.

He said that Israel would gradually withdraw its forces over a period of 60 days. Meanwhile, the Lebanese army and state security forces will take control of their territory bordering Israel, while ensuring that Hezbollah will not regroup there.

"Civilians on both sides will soon be able to safely return to their communities," he said.

In a statement released by the Lebanese Council of Ministers, Mikati welcomed the ceasefire decision, saying it is a "fundamental step towards establishing calm and stability in Lebanon and returning the displaced to their homes and cities." He added it also "helps establish regional stability."

Mikati reiterated the government's commitment to implementing UN Resolution 1701, strengthening the army's presence in the south, and cooperating with the United Nations Interim Force in Lebanon.

"I also demand the Israeli enemy fully commit to the ceasefire decision, withdraw from all areas and sites it occupies, and fully abide by UN Resolution 1701," he said.

Meanwhile, airstrikes continued both ways between Israel and Hezbollah hours ahead of the ceasefire taking effect. At least 41 people were killed and several others injured on Tuesday in Israeli airstrikes on southern and eastern Lebanon, the Lebanese National News Agency reported.

Israel also pummelled central Beirut on Tuesday, targeting several neighborhoods and causing widespread panic among residents, following the first-ever Israeli evacuation orders issued for the area, according to local sources and Israeli officials.

In Israel, air defense sirens sounded Tuesday evening in several northern and central areas.

The Israel Defense Forces said the sirens were activated following the launch of three projectiles from Lebanon, which were successfully intercepted by the Israeli Air Force. No casualties were reported.