The Israel-Palestine cease-fire across the Gaza Strip border has been agreed upon between Israel and Hamas after exchanging attacks for about 11 days, and U.S. President Joe Biden welcomed the news.

In a statement, Israeli Prime Minister Benjamin Netanyahu's office that the security cabinet had unanimously decided to accept an Egyptian initiative for a cease-fire, Aljazeera reported. 

Palestinian groups Hamas and Islamic Jihad had affirmed the cease-fire, saying it would come into effect at 2 a.m. on Friday.

Biden has confirmed that Netanyahu had informed him that the country had agreed to a mutual cease-fire. In his conversations with the Israeli prime minister, Biden commended Netanyahu for his decision to bring the current hostilities to an end within less than 11 days.

He also said that the U.S. fully supports Israel's right to defend itself against indiscriminate rocket attacks from Hamas and other Gaza-based terrorist groups, NBC News reported.

Aside from Netanyahu, Biden had also reportedly spoken with Palestinian Authority President Mahmoud Abbas more than once.

Biden said that his administration would continue with their quiet and relentless diplomacy over the matter. The President noted that the U.S. would work with the United Nations (UN) and other international stakeholders to provide humanitarian assistance to Gaza.

Biden also said that he would do this in partnership with the Palestinian Authority in a way that "does not permit Hamas to simply restock its military arsenal." 

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Attacks Exchanged Between Israel and Hamas

Aerial attacks between the two killed at least 230 Palestinians in Gaza, while 12 Israelis died, according to officials on both sides.

The Gaza Ministry of Health reported that at least 65 Palestinian children were among those killed in Israel's attack. Around 2,000 people were injured, and tens of thousands were displaced, another NBC News report said.

The Israeli military claimed that it had targeted Hamas fighters, including tunnels and weapons that the group was using. However, civilians in Gaza were widely affected during the exchange of attacks.

United Nations officials on the ground said that hundreds of buildings had been damaged or destroyed. It includes homes, hospitals, and schools. Israel had also reported casualties on their side, with two children killed by Hamas rocket fire.

Israel's Iron Dome missile defense system had evaded around 90 percent of the Gaza rocket. However, those that break through have injured hundreds and damaged buildings. It has also caused people to flee into underground bomb shelters.

The U.S. allots Israel $3.8 billion in military aid, which is 20 percent of Israel's defense budget. It is also about three-fifths of U.S. foreign military financing globally.

The Israel-Palestine Cease-Fire 

The Israel-Palestine cease-fire did not address the underlying tensions that prompted the violence. The conflict between the Israelis and Palestinians has been present for decades, with the current crisis starting after weeks of anger in Jerusalem during the Muslim holy month of Ramadan.

Israeli police, Palestinian worshippers, and nationalist Israelis have been exchanging fires. It was pushed forward with plans to evict Palestinian families from land claimed by Jewish settlers.

On May 10, Hamas started firing rockets at Israel as the group vowed to make the country pay for its treatment of the third-holiest site in Islam.

Islam responded with airstrikes, while ground forces later joined, which escalated fights.

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WATCH: BREAKING: Israel-Palestinian Conflict: New 'Mutual' Cease-Fire Declared to End 11 Days of Violence - From Sky News