The Malian government and six rebel fractions from the northern Mali on Sunday signed a peace agreement in the Algerian capital of Algiers to put an end to the hostilities in the violent ridden northern Mali.

This peace and reconciliation agreement has been achieved following four dialogue rounds since last July in Algiers under the supervision of Algeria-led international mediation.

A coalition of three rebel movements, including the National Liberation Movement of Azawad, the High Council for the Unity of Azawad and the Arab Movement of Azawad, did not sign the agreement, as it requested more dialogues with supporters at base.

However, the signing of this peace agreement was hailed by Algeria, France and the United States, in addition to Mali's neighboring nations.

Algerian Foreign Minister Ramtane Lamamra said the peace agreement is a precious document that carries "potential" elements of peace, stability and prosperity for Mali.

For his part, Moncef Mongi, head of the United Nations Multidimensional Integrated Stabilization Mission in Mali, said "although it does not meet all the demands and does not satisfy all the parties, the agreement is based on lasting peace and reconciliation."

The success of this agreement will depend on the capacity of the parties to transcend the ideological, cultural, political barriers and to serve a joint cause, that of peace, stability, progress and development, Mongi added.