Coral Reef and Coastal Marine Conservation Act of 2003 - Amends the Foreign Assistance Act of 1961 to establish in the Department of the Treasury the Coral Reef and Other Coastal Marine Resources Facility. Authorizes the President, through the exchange by the Facility of new obligations for outstanding obligations of an eligible Latin American or Caribbean country with a coral reef or other coastal marine resource meeting specified requirements, to reduce the amount owed by the country to the United States that is outstanding as of January 1, 1999, as a result of concessional loans. Authorizes the President to sell, reduce, or cancel such loans in order to facilitate a debt-for-nature swap or a debt buyback with an eligible purchaser or eligible country to support activities to conserve, maintain, and restore the country's coral reefs and other coastal marine resources. Authorizes appropriations.
Requires each beneficiary country that has entered into a Coral Reef and Other Coastal Marine Resources Agreement with the Secretary of State to establish a Coral Reef and Other Coastal Marine Resources Fund to receive payments of interest on new obligations undertaken by the country to provide grants to certain entities in such country to conserve, maintain, and restore its coral reefs and other coastal marine resources.
Requires the Enterprise for the Americas Board to carry out certain duties with respect to implementing this Act.
Requires the President to: (1) consult with the appropriate congressional committees on a periodic basis to review the operation of, and the eligibility of countries for benefits from, the Facility; and (2) report annually to Congress on Facility operations.