Pakistan Railways (reporting mark PR) (Urdu: پاکستان ریلویز) is the national, state-owned railway company of Pakistan. Founded in 1861 and headquartered in Lahore, it owns 4,800 miles (7,791 km) of track across Pakistan from Torkham to Karachi and operates freight and passenger service. Pakistan Railways was also known as the Pakistan Western Railway from 1947 to 1974. In 2014 the Ministry of Railways launched Pakistan Railways Vision 2026, which seeks to increase the company's share of the transportation sector from four to 20 percent with the ₨886.68 billion (US$6.3 billion) China–Pakistan Economic Corridor rail upgrade. The plan includes new locomotives, development and improvement of current rail infrastructure, an increase in average train speed, improved on-time performance and expansion of passenger service. The first phase of the project was completed in 2017, and the second phase is scheduled for completion by 2021. Pakistan Railways is an active member of the International Union of Railways. In the 2018/19 financial year, Pakistan Railways served 70 million passengers.