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World leaders from more than 20 nations gathered in Egypt to formally sign the agreement, which Egyptian President Abdel Fattah El-Sisi called "the birth of a glimmer of hope" for the region.
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President Biden has issued an executive order to try to improve efforts to free American hostages and detainees, senior administration officials told reporters.
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Akram was not believed to be included in the Terrorist Screening Database, a listing of known or suspected terrorists maintained by the FBI.
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The hostage taker was 44-year-old British citizen Malik Faisal Akram, authorities said. U.K. police arrested two teenagers in relation to the incident.