The Reconstruction Fund for Areas Affected by Terroristic Operations (REFAATO) was established pursuant to Article 28 of the Federal budget law for 2015, in order to be a body that coordinates between the international organizations and Iraqi line ministries for the urgent reconstruction operations and to carry out the mid and long term reconstruction operations for areas liberated from ISIS, the Fund started its work after the assignment of Dr. Abdul Basit Turki Saeed, the former president of the Federal Board of Supreme Audit (FBSA) and the Acting Governor of the Central Bank of Iraq (CBI), as president of the Fund.

The Government of Iraq allocated a primary amount of 500 billion Iraqi dinars in the 2015 budget for the Fund; while the resources of the Fund will be later consist from the grants that might be provided from the sister and friend countries in addition to the allocations from the state through the federal budget, the Fund will reconstruct the areas that were affected by the terroristic operations throughout Iraq after the liberation.

The Fund has its website where all the information related to its work and spending will be posted, and it will be audited by one of the four big international audit firms in addition to the audit by the Federal Board of Supreme Audit to ensure the transparency of its work. To benefit from the international expertise and ensure its effectiveness the Fund suggested including three of the biggest donors in its Board of trustees to contribute in designing the construction policy of the Fund.