07:58 AM EDT, 04/11/2024 (MT Newswires) -- Moderna ( MRNA ) is putting its plan to build a vaccine manufacturing plant in Kenya on hold as demand for the Covid-19 vaccine in Africa has diminished, multiple media outlets reported Thursday, citing the company.

"The demand in Africa for Covid-19 vaccines has declined since the pandemic and is insufficient to support the viability of the factory," Moderna ( MRNA ) told the Financial Times.

"Moderna ( MRNA ) has not received any vaccine orders for Africa since 2022 and has faced the cancellation of previous orders, resulting in more than $1 billion in losses and write-downs," Bloomberg quoted Moderna ( MRNA ) as saying.

The company struck an agreement with the Kenyan government in 2022 to invest up to $500 million for constructing a vaccine production plant to supply up to 500 million doses annually.

Moderna ( MRNA ) did not immediately respond to MT Newswires' request for comment.

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