Flames from a burning oil well rise above an abandoned tank in the Burgan oil field, Kuwait. Getty Images
Flames from a burning oil well rise above an abandoned tank in the Burgan oil field, Kuwait. Getty Images

1990 - The invasion of Kuwait

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Updated 19 April 2025
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1990 - The invasion of Kuwait

1990 - The invasion of Kuwait
  • Saddam’s ‘horrible aggression’ led to the Gulf War, fragmenting the Arab world and creating lasting divisions 

JEDDAH: I was in Baghdad a mere two months before Saddam Hussein invaded Kuwait on Aug. 2, 1990. I was there with a group of editors and journalists accompanying the late King Fahd to the 17th Arab Summit in the Iraqi capital on May 30, 1990. I saw Saddam up close, with only a couple of feet between us. 

At that time there was no inkling that he would invade Kuwait. Yes, there were rumblings of discontent and disagreements over Kuwait’s ownership of Bubiyan Island. But nobody imagined that two months after he hosted the Arab leaders, his tanks would roll into Kuwait in what King Fahd rightly described as Iraq’s “most horrible aggression.” 

The invasion of Kuwait set off a chain of events with repercussions that continue today. It shattered forever the idea of Arab unity and fragmented the Arab world. That world never recovered, never returned to “normal” after the Gulf War. 

There were countries that did not side with Saddam, but they remained quiet and this led to a deepening of the suspicions that lingered in the unfortunate post-1945 Arab history. Those suspicions had become reinforced, embedded and fixed in the minds of the Arabs. There was mutual suspicion of each other’s intentions. While the Palestinians, the Jordanians and the Yemenis did not openly support the invasion, their wait-and-see policy angered the Gulf states. 

How we wrote it




Arab News reported King Fahd’s denunciation of Iraq’s “most horrible” aggression against Kuwait and the ensuing international condemnation.

Could we say that today’s problems in our region have their roots in the 1990 invasion of Kuwait? I would say yes. Most of the Arab world’s issues today are a direct result of Saddam’s aggression. 

First, the invasion led directly to the destruction of Iraq. And those responsible were the Iraqi government and, more specifically, Saddam. It was Saddam who handed an excuse to forces that wanted to break up an Arab state. If Saddam had not invaded Kuwait, there would very likely have been no Al-Qaeda, no Daesh. The Kuwaiti invasion was the ultimate moment for those who wished to see Arabs violently disagreeing with, and actually fighting, each other. 

I remember an insightful piece I read in London’s Daily Telegraph newspaper in 1968 about differences that had cropped up during that year’s Arab Summit. It included a quote that is still relevant: “The Arab world, despite its brimming coffers, lacks one thing that money cannot buy — leadership.” 

Coming back to the invasion, and how we at Arab News covered it, I was awakened by a telephone call on the morning of Aug. 2, 1990. Mohammed Ali, the teleprinter operator at Arab News, was on the line. In those days, the teleprinter brought us the news, sometimes in trickles and sometimes in floods. Ali told me that information was trickling in about Kuwait being invaded by Iraqi troops. 

Key Dates

  • 1

    Iraq invades Kuwait.

  • 2

    UN Resolution 660 condemns the invasion and “demands that Iraq withdraw immediately and unconditionally.”

  • 3

    Saddam installs Alaa Hussein Ali, holder of dual Iraq-Kuwaiti nationality and a lieutenant in the Kuwaiti army, as head of a four-day puppet government in Kuwait.

    Timeline Image Aug. 4, 1990

  • 4

    UN Resolution 678 gives Iraq an ultimatum to withdraw from Kuwait by Jan. 15, 1991.

    Timeline Image Nov. 29, 1990

  • 5

    Saudi F-15s and Tornados take part in the first of a series of allied bombing raids on Iraqi military targets in Iraq and Kuwait.

  • 6

    Iraq fires the first of more than 80 Scud missiles it will unleash on Israel and Saudi Arabia during the brief conflict.

  • 7

    Iraqi forces seize the Saudi town of Khafji on the Kuwait border, but are driven out after two days.

    Timeline Image Jan. 29, 1991

  • 8

    Coalition ground troops cross into Iraq from Saudi Arabia.

  • 9

    US and Allied forces enter and begin the swift liberation of Kuwait.

    Timeline Image Feb. 24, 1991

  • 10

    A Scud missile hits US Army barracks in Dhahran, Saudi Arabia, killing 28 US soldiers.

  • 11

    Iraqi forces flee Kuwait, setting fire to oil wells as they leave. Thousands die on Highway 80, the so-called Highway to Death, when retreating troops are attacked by allied aircraft.

    Timeline Image Feb. 26, 1991

  • 12

    With Kuwait liberated, US President George H.W. Bush declares a cease-fire and Kuwait’s government returns from exile.

    Timeline Image Feb. 28, 1991

I jumped out of bed, dressed and headed straight to the office at around 6 a.m. We called a couple of other staff members and started reading the reports. In those days, communication was far from quick. There was no internet and no mobile phones. To get a firsthand report of what was actually happening, I called one of my friends in Kuwait who had worked with the Arab Times. 

He said: “Yes, I see Iraqi tanks in the streets. There is no resistance from the Kuwaitis.” We maintained contact for about three-and-a-half hours before his phone went dead. 

Armed with all the information and leads I had, I sat with the editorial team and discussed the next day’s edition. However, there was an order from the Ministry of Information telling newspapers not to write about the invasion. From the editor-in-chief’s point of view, this was a great story but there were directives not to print it. 

I was unwilling to take no for an answer, so I got in my car with my colleague, Khaled Nazer, and we went to the office of the minister of information at the time, Ali Al-Shaer. Once there, I begged and pleaded with him, saying how important it was to report this story, but he refused to budge. It was the darkest day in my life as a journalist. 

Luckily, there was an Islamic conference taking place in Cairo at the time, and we used that story as a way to discuss the rumblings and tensions along the border between Iraq and Kuwait. That was it. 




US Air Force fighters during Operation Desert Storm. Getty Images

The next day, however, we began reporting details of plundering and rampaging by Saddam’s troops in Kuwait. I told the publishers how important it was for the paper to have a full team close to the Saudi border with Iraq, in addition to the office we already had in the Eastern Province. 

On Aug. 8, I went to the Eastern Province and, by September, we had a full team in place. It included Wahib Ghorab, Khaled Nazer, Mohammed Samman, Saeed Haider, Maher Abbas, Hani Naqshbandi, the photographer Giovanni Pasquale and an American intern, Aldo Svaldi. 

By that time, an army of international journalists had arrived in the Eastern Province. The liberation of Kuwait was still a couple of weeks away. 

When King Fahd addressed the nation, and the world, on Thursday, Aug. 9, 1990, we were given detailed information about the invasion. Our front-page headline the following day was “Fahd denounces Iraq’s ‘most horrible aggression’.” 

From the Eastern Province, we began writing reports, war dispatches and human-interest stories. Everything was new to us and our circulation soared. The “Green Truth,” as Arab News was known in those days, became the most sought-after publication, the go-to source for information. 

International journalists from Voice of America, the BBC and CNN visited our offices, and we formed lifelong friendships with many of them. They were surprised by our knowledge, keenness and openness. There was even a story about a small burger joint that was making Scud Burgers, named for the missiles that Saddam was using to attack the Kingdom. 

None of my staff was allowed to feel any less important than those high and mighty foreign journalists. I made sure of that. 

Arab News was the first newspaper to enter liberated Kuwait, while the oil wells were still burning. 

  • Khaled Almaeena was editor in chief of Arab News for almost 25 years, serving two terms, from May 1, 1982, to Feb. 20, 1993, and from March 1, 1998, to Oct. 8, 2011. 


Saudi Arabia steps up dugong conservation

Saudi Arabia steps up dugong conservation
Updated 6 min 37 sec ago
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Saudi Arabia steps up dugong conservation

Saudi Arabia steps up dugong conservation
  • Found in the country’s warm coastal waters, the species is considered an important marker of the health and stability of marine ecosystems
  • During Saudi Arabia’s Environment Week, the dugong featured prominently in events

RIYADH: The dugong, or Dugong dugon, a marine mammal classified as vulnerable, remains a key indicator of marine biodiversity in Saudi Arabia. 

Found in the country’s warm coastal waters, the species is considered an important marker of the health and stability of marine ecosystems, the Saudi Press Agency reported. 

During Saudi Arabia’s Environment Week, the dugong featured prominently in events, drawing attention to ongoing conservation efforts and the responsibilities shared by researchers, environmental advocates, and policymakers.

The National Center for Wildlife is leading initiatives to protect the dugong from further population decline. These efforts by the center include satellite tracking and scientific research to monitor its distribution in Saudi Arabia’s territorial waters. 

Additionally, national plans are in place to manage and rehabilitate the species’ natural habitats, supporting long-term sustainability and the conditions necessary for dugong reproduction and survival. 

On the international front, Saudi Arabia continues to strengthen global cooperation in marine conservation. 

In 2013, the Kingdom signed an agreement to protect dugongs and their habitats and has taken part in initiatives such as the Pacific Year of the Dugong, launched in 2011.

Throughout Environment Week, the center presented recent studies and carried out public outreach activities. 

Educational programs were provided to students, visitors, and marine life enthusiasts, emphasizing the dugong’s ecological role and the importance of preserving its habitat.

The center also showcased modern tracking technologies used to study the species and its movements, the SPA reported.


Pakistan praises Islamic Development Bank’s anti-polio efforts, with $587 million disbursed since 2013

Pakistan praises Islamic Development Bank’s anti-polio efforts, with $587 million disbursed since 2013
Updated 13 min 46 sec ago
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Pakistan praises Islamic Development Bank’s anti-polio efforts, with $587 million disbursed since 2013

Pakistan praises Islamic Development Bank’s anti-polio efforts, with $587 million disbursed since 2013
  • PM’s focal person for polio eradication, Ayesha Raza Farooq, meets IsDB delegation in Islamabad
  • IsDB is one of largest financiers of Pakistan’s anti-polio program, announced $587 million loan in 2023

ISLAMABAD: Pakistani prime minister’s aide on polio eradication, Ayesha Raza Farooq, on Tuesday acknowledged the Islamic Development Bank’s (IsDB) financial and strategic contributions to sustain its anti-polio program in the country. 

The IsDB has contributed over $587 million to eradicate poliovirus from Pakistan since 2013, making it one of the largest financiers of the country’s anti-polio program. It announced a loan of $100 million in December 2023 to support Pakistan’s polio eradication efforts. 

Farooq met a high-level delegation of the IsDB’s Regional Hub in Turkiye at the National Emergency Operations Center (NEOC) in Islamabad on Tuesday, the Pakistan Polio Eradication Programme said. 

“The Islamic Development Bank has been a pillar of strength for the Pakistan Polio Eradication Programme, especially during its most challenging phases,” Farooq was quoted as saying by Pakistan’s anti-polio program. 

“Your financial and strategic contributions have been instrumental in sustaining the program and ensuring that vaccination campaigns reach the most vulnerable children across the country.”

Pakistan is only one of two countries worldwide where polio remains endemic. The Pakistani government launched a seven-day nationwide campaign on Monday to vaccinate over 45 million children against the disease. 

Dr. Walid Mohamad Abdelwahab, director of the IsDB’s regional hub in Turkiye, reaffirmed the institution’s support for Pakistan in achieving a polio-free future, the statement said. He commended Pakistan for its efforts and collaboration in the fight against polio, it added. 

The delegation briefly visited the NEOC control room following the meeting, where they were informed about the national reach of the campaign. The IsDB delegation was told the campaign would cover over 45.4 million children through the efforts of more than 400,000 frontline health workers via door-to-door vaccinations.

“IsDB commended the Government of Pakistan’s relentless efforts and reaffirmed its support in reaching the last mile of polio eradication,” Pakistan’s anti-polio program said.

In 2024, Pakistan reported an alarming 74 polio cases. The country’s polio program, launched in 1994, has faced persistent challenges including vaccine misinformation and resistance from some religious hard-liners, who claim immunization is a foreign conspiracy to sterilize Muslim children or a guise for Western espionage. 

Militant groups have also repeatedly targeted and killed polio vaccination workers during nationwide drives.


Saudi Arabia tops emerging markets’ venture capital funding, overtakes Singapore 

Saudi Arabia tops emerging markets’ venture capital funding, overtakes Singapore 
Updated 16 min 26 sec ago
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Saudi Arabia tops emerging markets’ venture capital funding, overtakes Singapore 

Saudi Arabia tops emerging markets’ venture capital funding, overtakes Singapore 

RIYADH: Saudi Arabia has overtaken Singapore as the premier destination for venture capital funds across emerging markets after it secured $391 million in the first quarter of 2025.

The 53 percent year-on-year rise helped propel the Kingdom to becoming the highest-performing country across the Middle East, Africa, Pakistan, Turkiye, and Southeast Asia in terms of total funding during the three-month period, as revealed in the latest analysis by venture data platform MAGNiTT. 

While the standout $160 million series E round by fintech unicorn Tabby contributed significantly to the overall figure, the broader investment ecosystem showed resilience with non-MEGA deal funding, which are transactions below $100 million, rising 9 percent quarter-on-quarter. 

“This consistency signals a strengthening pipeline backed by sovereign LPs (limited partners) like SVC (Saudi Venture Capital), a growing cohort of accelerators, and successful exits like Rasan’s IPO (initial public offering),” according to MAGNiTT’s report. 

Saudi Arabia leads MENA funding and deal activity 

Saudi Arabia led the EVMs and continued its dominance in the Middle East and North Africa region. 

The Kingdom captured 58 percent of all MENA venture funding and accounted for 41 percent of transactions, far outpacing regional peers. 

According to MAGNiTT, the Kingdom achieved an 87 percent year-on-year increase in non-mega deal funding and a 437 percent rise in series A and B rounds, supported by sizable transactions such as those by Ula.me and Merit Incentives, each raising $28 million. 

The rise in Saudi venture capital investment comes amid a broader rebound in the MENA region. 

Total funding across MENA reached $678 million in the first quarter of 2025, a 58 percent increase year on year, despite a 21 percent decline in deal count to 133 transactions. 

The surge was supported by improved investor sentiment following late 2024 interest rate cuts across the Gulf, along with sustained sovereign fund activity and flagship ecosystem initiatives such as LEAP 2025. 

In terms of historical share, Saudi Arabia’s ascent has been significant. It expanded its share of MENA venture funding to 58 percent in the first quarter of the year, up from 39 percent in 2024 and 51 percent in 2023. 

This upward trajectory has positioned the Kingdom as the central engine of regional VC activity, reversing a period during which the UAE held the lead. 

The ecosystem shift also reflects a structural change in capital allocation. The first quarter saw non-mega deals rise for the fourth consecutive quarter, and early-stage investments in series A and B rounds increased by 50 percent quarter-on-quarter. 

In contrast, Southeast Asia reported its weakest early-stage quarter in seven years, with Singapore’s funding falling by 61 percent year on year to $377 million. 

The gap signals a shift in global investor preference as capital increasingly flows toward markets like Saudi Arabia, where macroeconomic stability, proactive policy, and institutional backing provide a conducive environment for venture growth. 

With 54 deals completed, the Kingdom reported the smallest year-on-year decline in deal count among the region’s top three markets, supported by a robust early-stage pipeline. 

Fintech dominates sector activity 

Fintech remained the most active and well-funded sector across MENA, particularly in Saudi Arabia, contributing 30 percent of all deals and capturing 57 percent of total regional funding. 

The sector saw a 362 percent year-on-year increase in funding, totaling $384 million, driven by Tabby’s $160 million MEGA round and strong underlying demand for digital finance solutions. 

Notably, 35 percent of all fintech deals in the first quarter of 2025 were in the $5 million to $20 million range, up 24 percentage points from the same period last year, demonstrating increasing maturity and scalability across the sector. 

Enterprise Software was the second most transacted and funded vertical, propelled by activity in Saudi Arabia and the UAE, accounting for 75 percent of all sector deals. 

Within this segment, the productivity apps sub-sector achieved record performance with six deals, including Merit Incentives’ $28 million and Qeen.ai’s $10 million rounds. The enterprise category posted a 112 percent annual growth in funding to reach $61 million. 

Saudi Arabia drives top-tier transactions and investor participation 

While deal volume across MENA dropped 21 percent year on year to just 133 transactions — one of the lowest quarterly figures in five years — Saudi Arabia defied the trend, maintaining strong early-stage momentum.

MAGNiTT noted that deal activity in the up to $1 million bracket declined 8 percentage points year on year to just 31 percent, while deals in the $5 million to $20 million and over $20 million brackets saw increases of 4 percentage points and 3 percentage points, respectively. 

This reallocation of capital reflects investors’ growing appetite for scale-ready startups in more advanced funding stages. 

Pre-seed to pre-series A activity in the Kingdom saw a 14 percent increase, highlighting the nation’s strengthening foundation for long-term growth. 

The shift in capital allocation patterns also reinforced Saudi Arabia’s strategic focus. 

The share of deals in the $1 million to $5 million range rose to 46 percent, the highest proportion in five years, mirroring a broader pivot across MENA toward larger, more scalable investment opportunities. 

Simultaneously, the lowest-value ticket size, $0 to $1 million, fell to 31 percent of deals, down 8 percentage points from the previous year. 

Five of the region’s 10 largest deals originated from the Kingdom, including Tabby’s round, the sole mega deal of the quarter, alongside significant rounds by Zension, with $30 million and Merit Incentives. 

According to MAGNiTT, this concentration of large-ticket transactions underscores the depth of investor confidence in the Saudi startup ecosystem.

Investor engagement in the Kingdom was also evident in the breakdown of top deals. The nation hosted more top-10 deals than any other MENA country, with fintech leading as the most represented industry. 

Blue Pool Capital and Hassana Investment Co. emerged as the most prominent backers, jointly deploying an estimated $53.3 million across key transactions, with fintech accounting for four of the top 10 deals. 

Exit environment strengthens on record M&A activity 

Saudi Arabia’s momentum was further underscored by a robust exit environment, with the MENA region recording 21 exits, up 163 percent year on year, marking the strongest quarter for mergers and acquisitions since MAGNiTT began tracking. 

The Kingdom’s IPO pipeline also improved, adding another layer of attractiveness to its startup ecosystem. 

While the regional rebound was attributed to easing inflation, improved liquidity, and pre-US tariff optimism, MAGNiTT emphasized that: “Saudi Arabia’s IPO and M&A momentum are now integral to the region’s exit environment.” 

Despite this surge, the median time to exit via M&A lengthened to six years, up from five in 2024, reflecting continued challenges for early-stage startup liquidity. 

Geopolitical risks introduce uncertainty to venture outlook 

Despite strong regional performance, MAGNiTT highlighted emerging risks that could disrupt momentum. 

“While Q1 2025 was a positive start to the year … that momentum is now under threat,” said Philip Bahoshy, CEO of MAGNiTT. 

He added that the new US tariff policies have created uncertainty in both the public and private markets over the last couple of weeks, which can create a challenge for decision-makers who are likely to be in a risk-off mindset.

“In venture capital, this uncertainty is likely to impact three areas: the deployment of capital from LPs to VCs, VCs’ willingness to make decisions in uncertain times, and finally, startups’ ability to raise funds,” said Bahoshy.

He noted that while global volatility persists, long-term fundamentals in EVMs remain strong. 

“Despite global headwinds, emerging venture markets continue to present compelling long-term opportunities. MENA, in particular, is uniquely positioned for sustained growth thanks to deep pools of local capital, pro-entrepreneurship policy, and active sovereign support,” Bahoshy added. 

“As global investors diversify beyond traditional markets, regions like MENA and Southeast Asia are poised to attract fresh capital — particularly in tech-led sectors that are strategically positioned and less exposed to tariff volatility,” the CEO said.


Bangladesh’s largest private airline starts Riyadh flights as demand grows

Bangladesh’s largest private airline starts Riyadh flights as demand grows
Updated 29 min 20 sec ago
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Bangladesh’s largest private airline starts Riyadh flights as demand grows

Bangladesh’s largest private airline starts Riyadh flights as demand grows
  • US-Bangla Airlines offers 5 weekly flights on Dhaka–Riyadh route
  • First private Bangladeshi carrier to operate flights to the Kingdom

DHAKA: US-Bangla Airlines, the largest airline in Bangladesh by fleet size, has launched direct flights from Dhaka to Riyadh amid increasing demand for travel to Saudi Arabia.

The inaugural flight from Hazrat Shahjalal International Airport to King Khalid International Airport took off on Monday, with 423 passengers on board.

The flights will run five times a week on an Airbus 330 aircraft, with plans to gradually expand to daily service.

“Today, also, we are flying with full occupancy. There is always demand for destinations in the Middle East,” Kamrul Islam, the carrier’s general manager for public relations, told Arab News on Tuesday.

“We are receiving very good responses from the passengers ... The route will soon be served by daily flights.”

The airline is tapping into the growing market for Middle East travel. Flights to Saudi Arabia have been too few to accommodate the needs of some 3 million Bangladeshi workers in the Kingdom and hundreds of thousands of people traveling for the annual Hajj and Umrah pilgrimages.

In August last year, it launched daily flights to Jeddah, becoming the first — and so far the only — private Bangladeshi airline to fly to the Kingdom.

“Our aim is to start flight operations gradually in all the destinations where Bangladeshi migrants live,” Islam said.

“In the near future, we are planning to begin flight operations to Dammam and Madinah. Our plan is to begin these flights by the next year. It takes six to seven months of preparations to launch a new station.”

Founded in 2010, US-Bangla Airlines started as a domestic carrier and has lately expanded its routes to go international. The Riyadh route marks the airline’s 14th international destination and sixth in the Middle East.

“Every destination in the Middle East is a base for Bangladeshi migrants,” Islam said.

“We are currently operating also to other places in the region, like Dubai, Sharjah, Abu Dhabi, Muscat, and Doha.”

With its latest acquisition of new Airbus A330 and Boeing 737 aircraft last year, the carrier has become the largest airline in Bangladesh by fleet size.

With the additions, the US-Bangla fleet now consists of 24 aircraft, while the national flag carrier Biman has 21.


Pakistan looks to boost US imports, remove non-tariff barriers to escape Trump measures

Pakistan looks to boost US imports, remove non-tariff barriers to escape Trump measures
Updated 33 min 29 sec ago
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Pakistan looks to boost US imports, remove non-tariff barriers to escape Trump measures

Pakistan looks to boost US imports, remove non-tariff barriers to escape Trump measures
  • Pakistan’s government mulling options which range from importing crude oil from the US to abolishing tariffs on American imports
  • Islamabad is trying to appease the US to seek reprieve from the 29 percent reciprocal tariffs imposed by President Donald Trump last month

ISLAMABAD: Finance Minister Muhammad Aurangzeb told Bloomberg this week Pakistan is looking to buy more goods from the US and remove non-tariffs barriers to escape President Donald Trump’s high tariffs.

Pakistan’s government is mulling options, which range from importing crude oil from the US to abolishing tariffs on American imports, as Islamabad attempts to offset a trade imbalance that has triggered higher tariffs from Washington. 

“It’s a bigger canvas that we are looking at in terms of engaging the US,” Aurangzeb said in an interview with Bloomberg News on Monday ahead of the IMF-World Bank spring meetings in Washington. “We will constructively engage, and we will have a formal delegation coming in.”

Pakistan is looking to buy more cotton and soybean from the US, the finance chief said, adding that it is also in talks to tear down non-trade barriers to open its markets to more US products.

“We can also look at if there are any issues with respect to non-tariff discussion, whether there are any onerous inspections at our end for US products, we can obviously view that.”

Islamabad is trying to appease the US to seek reprieve from the 29 percent reciprocal tariffs imposed by Trump. While those levies are on hold until July, Pakistan has said it will send a trade delegation to Washington in the coming months to bridge the trade gap. 

The US is Pakistan’s largest export market with over $5 billion in annual exports as of 2024, while Pakistan’s imports from the US are about $2.1 billion.

The finance minister said the country is also open to foreign direct investments from US firms in its recently opened minerals and mining sectors.

Aurangzeb, a close aide of Prime Minister Shehbaz Sharif, is in the US for a nearly week-long trip to participate in the Spring Meetings of the International Monetary Fund and the World Bank. The former JPMorgan Chase & Co. banker said that the crisis-ridden nation will tap the international capital markets to secure more funds for a sustainable growth.

“What we are looking for is how we get away from a boom-and-bust cycle which Pakistan has gone through and get on to a sustainable growth path,” he told Bloomberg. 

Pakistan is preparing to debut its first-ever Panda bond in the range of $200 million to $250 million that will likely take place in the fourth quarter of this year, the minister added.

Authorities are trying to rebuild Pakistan’s tattered economy after it came close to a default in 2023. Last month, the South Asian nation won an initial nod for a $2.3 billion IMF loan that will give it funding visibility until 2027. 

Last week, Fitch upgraded Pakistan’s credit rating, citing confidence that the South Asian country will be able to sustain reforms under the IMF loan program.