Peru's new president Pedro Pablo Kuczynski sworn in

Mr Kuczynski received the presidential sash from President of Congress Luz Salgado. (Image: Reuters)

A 77-year-old former investment banker has been sworn in as Peru's new president at a ceremony in Lima.

In his inaugural speech, Pedro Pablo Kuczynski - known as PPK - said he longed for Peru in five years "to be more modern, more just, more equal".

The conservative beat Keiko Fujimori in run-off elections last month.

Peru's economy has risen sharply in recent years fuelled by a commodities boom but many Peruvians live in poverty and lack basic services.

Mr Kuczynski has pledged to work for all Peruvians, calling for a "social revolution".

He will need support from Ms Fujimori's party to enact reforms, however, since it controls congress.

Ms Fujimori, the daughter of incarcerated ex-President Alberto Fujimori, was once favourite to win the vote but eventually lost by less than a quarter of a percentage point.

Afterwards he walked to the government palace