A cease-fire between Israel and Hezbollah brokered by the U.S. and France took effect in Lebanon early Wednesday, raising hopes of ending more than a year of cross-border strikes and a full-scale war that has killed thousands.

It could give some reprieve to the 1.2 million Lebanese displaced by the fighting and the tens of thousands of Israelis who fled their homes along the border with Lebanon.

The cease-fire between Israel and Hezbollah ended the deadliest bout of violence between the two sides in decades.

The cease-fire deal is set to stop fighting for 60 days between Israel and Hezbollah. Regional neighbors hope it will lead to a wider de-escalation.

A ceasefire proposal agreed to by Lebanon and Israel stipulates that only "official military and security forces" in Lebanon are authorised to carry arms in the country, according to a copy of the deal dated on Tuesday and seen by Reuters on Wednesday.

A ceasefire between Israel and the Lebanese militant group Hezbollah that began Wednesday appeared to be holding, as residents in cars heaped with belongings streamed back toward southern Lebanon despite warnings from the Israeli and Lebanese militaries that they stay away from certain areas.

The ceasefire deal in effect could end more than a year of cross-border fighting between Israel and Lebanon's Hezbollah militant group.