Companies and wealthy individuals have donated $17 million to help pay for the King Edward VII Memorial Hospital redevelopment, it was announced today.Chairman of the Bermuda Hospitals Charitable Trust, Phil Butterfield, said the goal is to raise $40 million of 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 from 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, CEO of Butterfield & Vallis 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.”