The new idea is to add some D7-branes. These contribute to the potential energy with an opposite sign to the curvature of the internal manifold, and so could be chosen such that the resulting cosmological constant is small.
This is where F-theory comes into play. The construction there is to glue IIB solutions using the $SL(2,\mathbb{Z})$ duality symmetry, and to allow for D7-branes. A D7-brane, which is codimension two and thus can be surrounded by a circle, is a unit magnetic source for the axion $C_0$ (a periodic RR scalar field): \[\int_{S^1} d C_0 =1~.\] The axion combines with the dilaton $\phi$in a complex field in the upper half-plane \[\tau = C_0 + i e^{-\phi} = C_0 +\frac{i}{g_s}~.\] $C_0$ has monodromy one around the D7-brane, meaning that going around the circle transforms it as $C_0 \to C_0 +1$.
Now splitting the 10d metric as a 4d Minkowski space-time times a 6d manifold $B$ and requiring $\mathcal{N}=1$ susy in 4d implies that $B$ is a Kaehler manifold and that $\tau$ is (anti-)holomorphic: $\bar\partial \tau =0$.
Mathematically, specifying the modular parameter $\tau$ in the fundamental region is equivalent to specifying an elliptic curve, and so this whole construction can be seen as an elliptic fibration $\pi: X\to B$, with $X$ a four complex dimensional manifold. The fibre over a point $p\in B$ on the base is an elliptic curve $E_{\tau}$ that is "biholomorphically" equivalent to a torus determined by a lattice $(1,\tau)$:
\[\pi^{-1} (p) \cong E_{\tau} \cong \mathbb{C}/(1,\tau)~.\]
What is very nice is that the D7-branes are located where the elliptic fibration degenerates, i.e. where the torus gets pinched off and becomes singular.

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