County Deals offer the rest of England the same powers that metropolitan mayors have gained over issues like transport, skills and economic support.
Levelling Up Secretary Michael Gove said:
"We are putting power into the hands of Norfolk because we know important decisions are best taken closer to home, by people who know what their challenges are, not by those sitting behind a desk in Whitehall.
"This landmark deal allows leaders in Norfolk to take forward local priorities over the longer term, and it will be for the people of Cromer, Norwich, and Great Yarmouth to elect someone who is best placed to represent their unique interests as a county.
"I look forward to working closely with whoever the new leader is to level up Norfolk and unleash the economic potential of the whole county."
County Deals that have been agreed already include North Yorkshire and York, and Derby, Derbyshire, Nottingham and Nottinghamshire.