A €14 billion Lufthansa aircraft order has been hailed as “the largest single private-sector investment in the history of German industry”.

The contract covers 34 Boeing 777-9X aircraft and 25 Airbus A350-900s for delivery from 2016.

The deal will enable Lufthansa to phase out older Boeing 747 and Airbus A340-300s by 2025.

Outgoing chief executive Christoph Franz, who is leaving next year to join Swiss drug firm Roche, said: “Less fuel consumption, less noise – the aircraft on order will enable us to make a quantum leap in efficiency.”