Adios Sakala: IDBZ chief bows out after a decade of service

STAFF WRITER

Infrastructure Development Bank of Zimbabwe (IDBZ) chief executive Thomas Zondo Sakala is set to leave his position in August, closing a defining chapter of leadership that spanned nearly a decade, Business Times has learnt.

Sakala took over the reins at IDBZ in September 2015, returning home after an illustrious three-decade career with the African Development Bank (AfDB), where he rose to become vice president responsible for country and regional programmes.

His appointment was widely seen as an attempt to revitalise Zimbabwe’s key development finance institution with a seasoned technocrat. According to senior officials within the bank, Sakala brought a “continental gravitas” and a “sense of stability” to an institution that had, for years, struggled with capitalisation and mandate clarity.

“Zondo brought credibility to the institution. His experience at the AfDB was invaluable in repositioning the bank as a key player in infrastructure financing,” said a senior IDBZ executive, speaking on condition of anonymity because the succession process is yet to be formally announced.

The source said Sakala’s exit had been planned well in advance to ensure a smooth leadership transition, adding that “his departure is on good terms, and the board is already working on identifying a successor.”

Before his IDBZ tenure, Sakala made headlines when he contested for the presidency of the AfDB in 2015, with backing from the Southern African Development Community (SADC). Although he lost to Nigeria’s Akinwumi Adesina, the campaign thrust his name into pan-African discourse and reaffirmed his standing as a respected technocrat on the continent.

“He is not just a Zimbabwean asset—he is an African development expert,” said a former colleague from the AfDB. “When he returned to Harare to lead IDBZ, it was a big win for the country.”

During his years at the AfDB, Sakala oversaw strategy formulation, programming, and operations across dozens of African countries. Insiders say his deep knowledge of regional integration and public infrastructure development shaped his strategic direction at IDBZ.

When Sakala joined IDBZ, the institution was grappling with limited funding, low public trust, and a constrained mandate. Under his stewardship, the bank undertook a rigorous restructuring programme and refocused on its core mission: infrastructure financing.

“He came in at a time when IDBZ needed vision and discipline. He gave the bank both,” said another senior bank official. “His ability to engage with external partners, development financiers, and even government ministries gave the bank a new lease on life.”

Insiders credit him with streamlining operations, improving governance systems, and building critical relationships with both domestic and international financiers. A notable achievement was the mobilisation of long-term capital for strategic infrastructure projects in energy, housing, transport, and ICT.

Sakala also made the bank visible in regional forums, leveraging his AfDB networks to push for Zimbabwe’s infrastructure needs to be considered within wider regional funding frameworks.

Beyond IDBZ, Sakala was appointed to the Presidential Advisory Council (PAC), where he provided high-level counsel to President Emmerson Mnangagwa on economic and infrastructure policy. That role, insiders say, allowed him to elevate IDBZ’s relevance within Zimbabwe’s development matrix.

“Zondo understood policy and politics. He used that knowledge to position the bank not just as a lender, but as a policy instrument for national development,” said an official familiar with the PAC discussions.

As his tenure draws to a close, attention is shifting toward who will succeed him—and whether that person will be able to sustain the momentum he generated.

“The board is working quietly but methodically to ensure continuity. There’s a shortlist, but the decision will be strategic. IDBZ now needs someone who can consolidate gains and deepen capital mobilisation,” said a government official close to the selection process.

There are unconfirmed reports that a few names from within Zimbabwe’s financial and infrastructure sectors are under consideration, including individuals with multilateral banking experience.

While Sakala’s leadership was not without challenges—chief among them the macroeconomic volatility that made long-term infrastructure planning difficult—he is widely credited with stabilising the bank and steering it toward relevance.

“He did not just sit in the CEO’s chair; he worked. He travelled, he engaged, he listened. Above all, he led with integrity,” said a retired IDBZ board member.

Under Sakala, IDBZ received improved ratings from government and external partners, and was actively involved in several major projects, including student accommodation, energy infrastructure, and water reticulation.

Sakala’s departure marks the end of a transformative era for IDBZ, but insiders believe his imprint on the institution will endure.

“Zondo may be stepping down, but his blueprint remains. Whoever takes over will do well to follow the foundation he laid,” said a senior executive.

The official announcement of his exit is expected in the coming weeks, alongside communication about the transition plan.

As one staff member poignantly put it: “It’s Adios Zondo—but not goodbye. His influence will continue to shape how we think about infrastructure finance in Zimbabwe.”