Companies and wealthy individuals have donated $17 million to help pay for the King Edward VII Memorial Hospital redevelopment.Chairman of the Bermuda Hospitals Charitable Trust, Phil Butterfield, announced yesterday that the charity planned to raise $40 million to help cover the $247 million redevelopment cost.The BHCT plan to raise the funds over the next three years through the ‘Why it Matters' campaign. In addition to the $17 million already raised, the BHCT also has an additional $5 million in verbal commitments they expect to confirm shortly.Mr Butterfield said: “The generosity of our first donors shows confidence in not only the KEMH redevelopment project but also in the BHCT's commitment to philanthropic leadership on issues affecting patient care at our hospitals. That confidence and the realisation of the pressing need to revitalise Bermuda's hospital care remains true regardless of the economy.”Two of the first donors were the Bank of Bermuda Foundation and Barbour Butterfield Holding Limited. Ten more donations were made by wealthy individuals and companies on the Island that the BHCT did not name.David Hamshere, deputy chairman of the Bank of Bermuda Foundation said: “Our only hospital matters because it is a vital community resource that each resident and visitor depends on and is thus worthy of support by everyone. As a leading local donor, Bank of Bermuda Foundation is pleased to be able to make a substantial contribution to the campaign for our new acute care hospital.”Jim Butterfield of Barbour Butterfield Holding added: “Having quality hospital care available, right here in Bermuda for the entire community is vital, so this gift is given and endorsed by all at Butterfield & Vallis.“We are happy to make our place alongside other local companies in making a difference in the future of our Island's health care.”Mr Butterfield added that the campaign was an opportunity for the everyone to play their part in transforming the Island's health care.The campaign will target larger donors to begin with but will also be looking to the general public for donations.He added that despite the current economic climate international businesses were still keen to invest in Bermuda's future: “I believe the IB have demonstrated their corporate citizenship in a demonstrative way.”The hospital is the first public-private partnership for a large capital project in Bermuda's history. It will be designed, built and maintained by a consortium, Paget Health Services, over 30 years. Any unexpected cost overruns would be paid for by the private partner and not the public body.The project has a Government guarantee, however, Health Minister Zane DeSilva has previously said the Bermuda Hospitals Board is accountable for the payments.The BHB has made a commitment to finding internal efficiencies to help save money for the development and they will also increase hospital fees by one percent a year above the cost of inflation, for the next three years. The fee increase has already been in place for the 2009/2010 and 2010/2011 fiscal years.Useful websites: www.bhb.bm, www.bhct.bm.